Re: [Pen-l] FYI: Skidelsky on Keynes

[Doug Henwood <dhenwood@xxxxxxxxx>]

On Dec 17, 2008, at 11:41 AM, Julio Huato wrote:

> Doug wrote:
>
> > They can sometimes, whatever "right" means exactly. I thought the EMH
> > merely claimed that market prices promptly reflect all available
> > information. If you believe that the markets are at least partly
> > driven by mob psychology, then prices often efficiently reflect
> > nonsense. But not always.
>
> That's a fair way to put it.  But I don't think that's what Skidelsky
> implied.  IMO, he really distorted the story.

You're right, he got it wrong. But there's no doubt that Skidelsky  
cited a vulgarized popular version of the EMH, which had great  
ideological effects since the late 1970s. That's now shot to hell,  
thank god.

Doug
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