What Happened to Efficient Markets?
By Peter J. Boettke
The financial crisis invalidated a naïve notion of efficient markets, but the most sophisticated version is still viable. Whereas the invalidated version holds that markets never err and always adjust instantaneously, the sophisticated version, associated with the ideas of Adam Smith and F. A. Hayek, holds that markets mobilize individuals to realize gains from trade and to innovate and thereby produce generalized prosperity.
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|Summer 2022||Academic Entrepreneurship in Sometimes Hostile Environments: James Buchanan and the Virginia School of Political Economy|
|Spring 2022||Albert O. Hirschman: An Intellectual Biography|
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