What happened to "efficient markets?"

Peter Boettke

MPRA Paper from University Library of Munich, Germany

Abstract: 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 (search for similar items in EconPapers)
JEL-codes: B20 B25 B53 (search for similar items in EconPapers)
Date: 2010
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:33600

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