The Power of Markets. A topic that we'll get to later in the semester is about the ability of stock markets to aggregate the wisdom that's spread across thousands of investors and then reflect that wisdom in one number: the stock price. As part of their research agenda the U. of Iowa runs stock markets that allow people to invest in presidential candidates.

Click here to see the latest graph of the democratic candidates' stock prices. Crooked Timber website suggests that the graph is evidence that markets aren't good at predicting outcomes.