A not Unminor problem

Doug Henwood dhenwood at panix.com
Wed Apr 12 14:15:14 PDT 2000


H Curtis Leung wrote:


>To which I have to ask: if we did, I thought a major theme of Doug's book
>is that financial markets aren't even efficient. Have I gotten something
>wrong?

They're efficient in the sense of incorporating all available information (almost) instantaneously, which is practically a tautology. But the financial economist's sense of "efficient" has little to do with an ecologist's, engineer's, or anyone else's.

Doug



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