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What Happened to 'Efficient Markets'?

Peter J. Boettke

George Mason University - Department of Economics

October 22, 2010

The Independent Review, Vol. 14, No. 3, Winter 2010

The financial crisis of 2008 has challenged the reputation of the free-market economy in the public imagination in a way that it has not been challenged since the Great Depression. The intellectual consensus after World War II was that markets are unstable and exploitive and thus in need of government action on a variety of fronts to counteract these undesirable characteristics. In the United States, this intellectual consensus did not result in nationalization of industry, but in detailed regulation and heavy government involvement in economic life.

Number of Pages in PDF File: 14

Keywords: Financial Crisis, History of Economic Thought, Market Process

JEL Classification: B20, B25, B53

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Date posted: October 24, 2010 ; Last revised: October 26, 2010

Suggested Citation

Boettke, Peter J., What Happened to 'Efficient Markets'? (October 22, 2010). The Independent Review, Vol. 14, No. 3, Winter 2010. Available at SSRN: https://ssrn.com/abstract=1696084

Contact Information

Peter J. Boettke (Contact Author)
George Mason University - Department of Economics ( email )
4400 University Drive
Fairfax, VA 22030
United States
703-993-1149 (Phone)
703-993-1133 (Fax)
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