I said the stock market used to be a "predictive market of future earnings". What I meant more precisely was that the stock market used to be a market where people would make prediction about future earnings about companies.
These two statements are not even discussing the same thing.
One statement discusses the practical computational power of a system. The other statement discusses the motivations of a majority of the people participating in that system.
These two statements are not even discussing the same thing.
One statement discusses the practical computational power of a system. The other statement discusses the motivations of a majority of the people participating in that system.