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A review by theangrylawngnome
The Myth of the Rational Market: Wall Street's Impossible Quest for Predictable Markets by Justin Fox
4.0
Two brief comments, more for my own recollection than anything else:
(1) I do wish Fox had gotten a bit more into discussing the attempts by economists to try and make their discipline more of a "hard" science and less of a "social" science. It seems to me that that is ultimately what is behind the attempt to create an edifice like the EMH, as well as things like "homo economicus," the "rational expectations" theory and so forth. The discussion of Thomas Kuhn's book was fascinating but I do wish there was more of it.
(2) I wonder where I can go to get a refund of that part of my undergraduate tuition that was spent being forcefed the EMH in the mid-'80s? :) I was surprised to find out that the whole theory was under attack even then. Trust me, you'd never have known that in the classes I took.
I wish I felt comfortable saying more. But while I found the book intriguing, I've been away from so much of it for so long I'd doubtless commit many errors.
(1) I do wish Fox had gotten a bit more into discussing the attempts by economists to try and make their discipline more of a "hard" science and less of a "social" science. It seems to me that that is ultimately what is behind the attempt to create an edifice like the EMH, as well as things like "homo economicus," the "rational expectations" theory and so forth. The discussion of Thomas Kuhn's book was fascinating but I do wish there was more of it.
(2) I wonder where I can go to get a refund of that part of my undergraduate tuition that was spent being forcefed the EMH in the mid-'80s? :) I was surprised to find out that the whole theory was under attack even then. Trust me, you'd never have known that in the classes I took.
I wish I felt comfortable saying more. But while I found the book intriguing, I've been away from so much of it for so long I'd doubtless commit many errors.