Are markets Darwinian?
Andrew Lo, an MIT economist, thinks that markets don’t behave efficiently, but rather adapt, meaning they should be viewed using a Darwinian model. I interviewed him for Diamond Weekly back in April 2006. A sample:
It may well be the case that natural selection will occur in the next 100 years not through biological means but through financial means. Just imagine it’s possible for us to create a cure for cancer and the cost of such as cure becomes prohibitive. It really will be literally survival of the richest.