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This world view based on game theory needs, as a prerequisite, absolutely rational actors making absolutely rational decisions without cooperation between players.
Unfortunately, people do not enter markets with rational intentions. They do not enter the market with anything approaching rationality. People, aside from economists, psychopaths and the autistic/aspergers will always find ways to cooperate rather than engage in cut-throat competition. No matter what the market, no matter what is being traded.
Even Nash, he who refined these theories to exalted levels, does not now accept that his theories can be applied to any human endeavour. We're not wired that way.
Wolf and sheep, lambs and lions. Ubermensch and untermensch... With knowledge comes the realisation of a lack of understanding, with understanding comes a realisation of a lack of knowledge.
The world is not black and white, superior and inferior, right and wrong.
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"I do not agree that the dog in a manger has the final right to the manger even though he may have lain there for a very long time. I do not admit that right. I do not admit for instance, that a great wrong has been done to the Red Indians of America or the black people of Australia. I do not admit that a wrong has been done to these people by the fact that a stronger race, a higher-grade race, a more worldly wise race to put it that way, has come in and taken their place." - Winston Churchill, 1937 --{ORLY?}--
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