Perfect Losers
Economics, it seems, has very little to tell us about the current economic crisis. Whereas the dominant paradigm in finance – the “efficient market hypothesis” – assumes that everyone has perfect information, and therefore that all prices express the real value of goods for sale, any finance professional will tell you that imperfect information is king.
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LONDON – Economics, it seems, has very little to tell us about the current economic crisis. Indeed, no less a figure than former United States Federal Reserve Chairman Alan Greenspan recently confessed that his entire “intellectual edifice” had been “demolished” by recent events.