Thursday, December 31, 2009

End of Year Protocol #1 - Words of Wisdom

The end of the year is a traditional time for reflection in the media - retrospectives on the year, best and worst of the year lists, etc.

As a newbie blogger, here's my first entry in that exercise, a link to an article by Richard Thaler of The University of Chicago on the efficient markets hypothesis.

Yes, the italics are deliberate.

Like all economic theories  the EMH is an opinion.   In economics one hopes for informed opinions, but opinions they remain.  Not scientific laws.  Nor Divine revelations.

Often the most profound thoughts are the simplest.  And perhaps the most obvious.

No comments: