What is the most important thing we can say about what goes on in markets? (a) a process of error correction by which prices are discovered; or (b) a process wherey market equilirium is found?
Google Scholar shows 22,000 entries for "price discovery" and 90,500 for "market equilibrium".
Which one preoccupied traders in today's Facebook IPO?
Enough said. Market participants have a lot to teach those who write about the workings of markets.