I have been known to criticize Bryan Caplan, and in fact I have a forthcoming mises.org hatchet job, er thoughtful critique, on him. But in this post he asked a simple question regarding the ability to profit from superior knowledge if futures markets don't go out far enough. And then Tyler Cowen gave a hand-waving appeal to authority that was a non-answer.
Arnold Kling dressed up Cowen's response, but check out the comments. JPC knocks Kling on his butt, then kicks him again when Kling tries to stand back up.
What must really be frustrating for Caplan is that these answers imply that Caplan hadn't thought of such obvious "solutions." Caplan purposefully rigged his initial scenario so that these obvious techniques wouldn't work.
I feel your pain, Bryan. The experts have been blowing me off for years too. Come join me, and together we can rule the blogosphere!
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