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Politics : American Presidential Politics and foreign affairs
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To: DuckTapeSunroof who wrote (38653)11/17/2009 12:25:15 PM
From: TimF  Read Replies (1) of 71588
 
There both economic concepts, and "efficient market theory" developed in the context of the understanding developing from Adam Smith and other earlier economists, but that doesn't prevent them from being two entirely different concepts.

The arguments against the strong form efficient markets hypothesis (or even any form) are not arguments against the idea of "the invisible hand", or against capitalism in general. Arguments disputing the assertion that publicly traded securities prices "reflect all information, public and private, and no one can earn excess returns" don't tell us much about the claim that the pursuit of profit and self interest generally produces positive externalities in a free market system. Accepting the arguments raised against the former idea, tells one little about the later.
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