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Market optimisation that is structurally indifferent to temporal horizon. Discount rates, quarterly reporting, and exit-oriented investment compress optimisation windows, but the deeper issue is architectural—markets lack mechanisms to bind current exchange to long-horizon welfare.
Infrastructure investment is systematically underprovided not because markets fail but because a-temporal optimisation correctly identifies that 50-year returns cannot compete with 5-year returns within existing architecture.
MEC Section 3.3