“For the past 25 years or so the financial authorities andinstitutions they regulate have been guided by market fundamentalism: the belief that markets tend towards equilibrium and that deviations from it occur in a random manner” George Soros
There are all sorts of reasons based on human cognitive bias to believe that markets will not tend toward equilibrium. One fundamental reason is that virtually all systems of even basic simplicity do not tend toward an equilibrium position. Take a rock paper,scissors simulation
No equilibrium position will ever be reached.
A simple foxes and rabbits simulation I first say on a ZX spectrum in the early 80’s wont tend toward an equilibrium why would people think the desires and whims of millions of people will?