Evidence for existence of a (il)liquidity premium in the stock market is very weak. What this means is that the market has been liquid enough for a long, long time.
Consider high frequency trading. Does it really matter for capital allocation that you can sell your Google stock for a fair price in 10ms instead of 20ms? There are hundreds of PhDs working on algorithms and billions invested into infrastructure to make those 20ms into 10ms, which I'd argue is a byproduct of how exchanges work and doesn't serve humanity in any way.
Consider high frequency trading. Does it really matter for capital allocation that you can sell your Google stock for a fair price in 10ms instead of 20ms? There are hundreds of PhDs working on algorithms and billions invested into infrastructure to make those 20ms into 10ms, which I'd argue is a byproduct of how exchanges work and doesn't serve humanity in any way.