On this point, from the perspective of a practitioner, I feel that there are fields in which, even with an evident structural change, it is difficult to receive support from a systematic theoretical approach, in part due to the high level of expertise required to correctly recognize the relevant facts.
For example, as trading through electronic platforms has become mainstream, along with the significant decrease in trading through human brokers such as floor and telephone trading, the time required for the execution of each market transaction has shortened dramatically. Under these circumstances, the execution of transactions based on algorithms has become widespread and the weight of high-frequency trading has been increasing in some markets.