Economics has met the enemy, and it is economics
That is the title of a feature in the Canadian newspaper The Globe and Mail that a correspondent has just brought to my attention. It’s not an earth-shattering article, as my correspondent observed, but it is remarkable to see articles like this turning up in the mainstream media. The author Tra Basen observes at one point:
While the protesters occupying Wall Street are not carrying signs denouncing rational-expectations and efficient-market modelling, perhaps they should be.