Trading is a zero sum game inside a larger positive sum game. Though every trade has a winner and offsetting losers,
This isn’t true. Sometimes you’re trading against someone with non-valuation motives, i.e., someone buying or selling for a reason besides thinking that the current market price is too low or too high, for example, someone being liquidated due to a margin violation, or the founder of a company wanting to sell in order to diversify. In that case, it makes more sense to think of yourself as providing a service for the other side of the trade, instead of there being a winner and a loser.
markets as a whole direct resources across space and time and help civilizations grow.
Unpriced externalities imply that sometimes markets harm civilizations. I think investments into AGI/ASI is a prime example of this, with x-risks being the unpriced externality.
This isn’t true. Sometimes you’re trading against someone with non-valuation motives, i.e., someone buying or selling for a reason besides thinking that the current market price is too low or too high, for example, someone being liquidated due to a margin violation, or the founder of a company wanting to sell in order to diversify. In that case, it makes more sense to think of yourself as providing a service for the other side of the trade, instead of there being a winner and a loser.
Unpriced externalities imply that sometimes markets harm civilizations. I think investments into AGI/ASI is a prime example of this, with x-risks being the unpriced externality.