“The efficient market hypothesis is more or less directly responsible for the financial crisis”

In line with the assignemnt for week 5 (write an essay where you examine the contribution of economists in changing financial practices) there is an article in the New York Times which criticize the ‘Efficient Market Hypothesis’.

Jeremy Grantham, a respected market strategist even states that: ‘the efficient market hypothesis is more or less directly responsible for the financial crisis.’

The article: http://www.nytimes.com/2009/06/06/business/06nocera.html

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