 Soros's writings focus heavily on the concept of reflexivity, where the biases of individuals enter into market transactions, potentially changing the fundamentals of the economy.Soros argues that different principles apply in markets depending on whether they are in a "near to equilibrium" or a "far from equilibrium" state.He argues that, when markets are rising or falling rapidly, they are typically marked by disequilibrium rather than equilibrium, and that the conventional economic theory of the market (the "efficient market hypothesis") does not apply in these situations.