I don't disagree. I'm not claiming the market achieves total efficiency, just that it tries. Much like a submarine is a bubble of air at pressure of 1 atmosphere resisting much higher pressure outside, it is possible (and even common) for low-efficiency areas to remain stable under market pressure, but the overall gradient is still clear. In contrast, PoW schemes use inefficiency as a fundamental component; they're wasteful by design, and it's considered a feature.