John Cassidy: Efficient-Market Theory
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Uploaded by carnegiecouncil on Dec 22, 2009
"Financial markets are prone to speculative bubbles," says Cassidy. "That seems to me to be very difficult to reconcile with the efficient-market hypothesis."
This Carnegie Council event took place on December 2, 2009. For complete video, audio, and transcript, go to: http://www.cceia.org
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Blimey John you never used to talk like that on the 45 bus to Aquinas!
mutikonka 4 months ago
@Katiaus I was going to comment on this video and say something along the lines of what you said, but seeing as you beat me to it I no longer have to comment! Oh wait...
thecfazz 6 months ago
@Katiaus (cont.) Such as at a minimum the de jure ban on overt fraud and theft. Or, for a more heart-wrenching example, the ban on child labor.
Scientisticsoviet 7 months ago
The market is a hell of a lot more efficient than Government, thats for sure.
bonfirejovi 1 year ago
Not only the expanding money supply, but the market in capital finance is in no measure a "free market" when recourse to the public coffers limit the market's accurate measurement of risk. Cassidy complains that the market should have priced the "credit products" (its unclear exactly which one's hes referring to) at 1500 basis points above treasury instead of 50. But it is exactly the political interference in the market which subsized that bubble in the first instance.
Katiaus 1 year ago 2
This is especially true in housing markets, where 'mum and dad investors' do not want to sell their home for less than they bought it (in nominal $ terms).
If inflation levels were higher, the speculative bubble would be absorbed by price level increases quicker.
It's only a theory, but nominal price changes do have a large behavioural effect on markets.
tg679 2 years ago
Free market? Are you kidding me? Who is this guy? How can you have free market when interest rates are set artificially low by politicians?! This whole issue is a joke. The only reason we have bubbles is due to ever expanding money suply.
Marine475 2 years ago