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  1. Jul 2022
    1. experiments in laboratories by the economistVernon Smith and his colleagues have long confirmed thatmarkets in goods and services for immediate consum ption -haircuts and hamburgers - work so well that it is hard to designthem so they fail to deliver efficiency and innovation; whilemarkets in assets are so automatically prone to bubbles andcrashes that it is hard to design them so they work at all.