Anomalies such as the small-firm and turn-of-the-year effects could, therefore, be construed as evidence against the efficient-market hypothesis. In Kuhn's analysis of the natural sciences, "a background of firm expectation makes anomalies and exceptions stand out and take on significance" (Barnes 1982, p. 20), and the accumulation of such anomalies was seen by Kuhn as the precursor of a scientific revolution. Jensen indeed suggested that the growing list of anomalies pointed in Kuhnian fashion to "a coming minirevolution in the field" (Jensen 1978, p. 95).

Donald MacKenzie, An Engine, Not a Camera, loc. 426