The article discusses how the balance between supply and demand of liquidity affects asset prices and overall welfare. It shows that when it's expensive for traders to be in the market all the time, small unexpected events can cause big price swings. The study suggests that market forces alone don't always ensure enough liquidity, so interventions might be needed. Different policies can have different effects: making it easier to provide liquidity right away could actually hurt welfare, while encouraging more liquidity supply could make things better.