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