Against this background, it is extremely valuable to share experiences of different countries and to exchange views among academics, market participants, and central bankers during opportunities like this.
In these circumstances, the market can never find the fair price. Another circumstance in which the inadequacy of economists’ pretensions about determining fair value may be seen, is in the market for entirely new products and services. If I am not mistaken, Amazon.com, the internet retailer, made losses for most of the first decade of its existence.