An "Efficient" market is just a theoretical construct - no real market is "totally" efficient. However, since the cost of transmitting information is extremely low, I think the "market" for blogs (and for 'net content in general) is pretty efficient. That is, the truly exceptional writers on the 'net will EVENTUALLY make it, but with a couple of BIG caveats:
1) the ability of anyone to make money off a product/skil/resource is not just tied to the value of the product.
In business (or in most fields), multiple resources are needed. I read again and again that a businessman needs not just a good product but also the ability to effectively market, to manage resources, and to know which areas to concentrate the business on. I suspect it's similar for writing.
2) It takes time, and some folks either don't want to (or can't afford to) wait.
Uneven distribution of wealth is the natural order of things, but we need to investigate whether it's truly based on rationl efficient markets, or if there's a lot of irrational inefficient human pyschology involved.
In the case of writing, we can see how a single good writer is better than a thousand "writers" who read at an 8th grade level.
But on the other hand, you can wander the blogosphere and find some fantastic writers, as good as top paid pros, not making any money at all.
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