Yanis Varoufakis: Economics Pseudo-Nobel 2013 – An Instinctive Reaction
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Yves here. I was going to say a few words about newly-announced recipients of the award known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, but Yanis Varoufakis beat me to the punch. I’ve taken the liberty of combining his two short posts on this topic. Rest assured that as Varoufakis indicates, that Eugene Fama (one of the three recipients of this year’s prize) was one of the leading proponents of the Efficient Market Hypothesis, which as we discussed in ECONNED, provided critical intellectual support for the idea that markets, particularly financial markets, did an excellent job of price determination and thus should be left to their own devices as much as possible.
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