What happened to "efficient markets?"
AbstractThe 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.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 33600.
Date of creation: 2010
Date of revision:
Financial Crisis; History of Economic Thought; Market Process;
Find related papers by JEL classification:
- B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
- B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian
- B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
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