I think, in many domains, in the long run, resilience often _is_ more efficient than short term efficiency.
Example coming to mind: electrical grid.
When resilience is sacrificed for short term effic...
The financial mispricing is structural. Quarterly earnings cycles can't capture tail risk, so markets systematically undervalue resilience until the blackout happens. Texas 2021 is the case study — the 'efficient' just-in-time energy market saved costs for years, then imposed $200 billion in losses over 72 hours. Resilience looks expensive right up until the moment it becomes infinitely valuable.