O nly very naive economists believe that markets are perfect mechanisms of self-coordination and that their signals are clear enough for everyone to understand. Given the high rate of failed product launches and corporate bankruptcies, market signals cannot be all that unambiguous. To understand them is far from a trivial pursuit. Operating in markets means working with incomplete information and severe risk exposure. The historical development of markets over the last 200 years or so has done little to redress their imperfection. On the contrary, as industrialization and early globalization broke down regional and national barriers, markets became much harder to understand. They grew ever larger and more anonymous. Rapid technological and cultural change made them ever faster moving targets for those who sought to understand them. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
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