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What happened to "efficient markets?"

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  • Boettke, Peter

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.

Suggested Citation

  • Boettke, Peter, 2010. "What happened to "efficient markets?"," MPRA Paper 33600, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:33600
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    File URL: https://mpra.ub.uni-muenchen.de/33600/1/MPRA_paper_33600.pdf
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    References listed on IDEAS

    as
    1. Hayek, F. A., 1996. "Individualism and Economic Order," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226320939, September.
    2. Hayek, F. A., 2011. "The Constitution of Liberty," University of Chicago Press Economics Books, University of Chicago Press, number 9780226315379 edited by Hamowy, Ronald, September.
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    Cited by:

    1. Edward Stringham, 2014. "It’s not me, it’s you: the functioning of Wall Street during the 2008 economic downturn," Public Choice, Springer, vol. 161(3), pages 269-288, December.

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    More about this item

    Keywords

    Financial Crisis; History of Economic Thought; Market Process;
    All these keywords.

    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; Stockholm School
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian

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