The Myth of the Rational Market
By Justin Fox
HarperCollins, $27.99
The theory of efficient markets was once a “hypothesis” that was “subject to refutation by observable facts”, as Paul Samuelson put it in 1937.
But as the theory developed and financiers put more weight on it, it became a matter of established fact. By 1978, Michael Jensen could say that “there is no other proposition in economics which has more solid empirical evidence supporting it than the Efficient Market Hypothesis”.
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