Word: rationale
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Dates: during 2000-2009
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The one thing that struck me was the gap between Federer's physical and mental abilities. He doesn't have this supreme confidence that other athletes have. As good as Tiger Woods is with a golf club, he also has this assassin quality to him. Federer doesn't have the...
The two strands of statistics and pro-market ideology came together in the mid-1960s. It was the great MIT economist Paul Samuelson who made the case mathematically that a rational market would be a random one. But Samuelson didn't share Friedman's political views, and he never claimed...
Shiller and Summers in particular came to revel in tweaking the rational-market establishment. Shiller declared in 1984 that the logical leap from observing that markets were unpredictable to concluding that prices were right was "one of the most remarkable errors in the history of economic thought." Summers described how...
Subsequent years saw more challenges to the core assumptions of the rational market. Even Fama retested his 1969 efficient-market hypothesis and found it wanting. But the strong performance of the U.S. stock market and economy tended to silence doubts about the wisdom of the market both on campus and...
Based on Fox's book The Myth of the Rational Market, published this month by HarperBusiness