Monday, December 29, 2008

Samuelson, Summers, and other made men

Obama's staffing choices to deal with the current market failure are part of the academic mafia that monopolized economic credentials to prevent the emergence a viable critique of the Efficient Market Hypothesis until quite recently. If you doubt this, check up on Samuelson's war on the Kelley criterion -- it violated his theological precepts, leading to outsized profits for trading companies that eschewed a Harvard pedigree.

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