What Happened to 'Efficient Markets'?

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

14 Pages Posted: 24 Oct 2010 Last revised: 26 Oct 2010

See all articles by Peter J. Boettke

Peter J. Boettke

George Mason University - Department of Economics

Date Written: October 22, 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.

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

JEL Classification: B20, B25, B53

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

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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