Re: The Inefficient Market Hypothesis
So unlike the religious fundamentalist, there is a kernel of truth in the stance of the market fundamentalist.
Let's not take me too far out of context. Whether or not there are kernels of truth in something is irrelevant if people adhere to a fundamentalist view when they apply it. Fundamentalism is the problem here, not belief in the power of markets. Libertarians, and this is what makes them a little crazy and also fun to argue with, tend to apply a fundamentalist approach to markets. They have an unwarranted faith in markets explaining everything and potentially fixing everything. I've complained about economists for the same reason on this board many times. Our social system is so much more complicated than markets which is just one important part.