An even more interesting question is "Why are juveniles smaller than their parents?" It was raised by Ellistrand in a 1983 paper.
It isn't clear that aging is something under evolutionary pressure. This may be what evolutionary theorists call a "spandrel" situation. It's more about structure and mechanism, that is the shape of the landscape, than optimization in that landscape.
The efficient market says that the market price reflects "all available information". That's tautological, and it's hard to argue with tautologies. The problem is that trades are made by people or algorithms designed by people. Different people have different tolerances for risk, different ideas about market performance and different strategies for making money. What does it even mean for a price to reflect all available information? A lot of that information is embedded in people's minds and situations and in our institution struc... (read more)
LBJ's guns (Vietnam) and butter (Great Society) were already causing a lot of inflationary pressure. Nixon imposed wage-price controls in 1971 around the time he took us off Bretton-Woods. I gather the Fed was raising interest rates, but not enough to slow an economy with that level of rising inflation. Wage price controls were considered, depending on your politics and probably the time of day, socialism or war-time measures. B-W was a good post-WWII idea that helped the post-war recovery, but as in the 1930s, gold standards never work as well in pra... (read more)