[arthurofbabylon]

I often hangout in the old world and I’ve noticed (coming from the new world) a substantial informal economy. Everyone produces something (wine, honey, bread, kombucha, grappa, balsamic) and trades. There is no effort at efficiency.

I quite like it; it is non-fussy, unsophisticated, generous, broad-brushstrokes. There is no arbitrage and no unfavorable information asymmetry. In terms of “picking the low hanging fruit,” this informal market is the equivalent of never stepping on a ladder.