Jamal Awil

← An Engine, Not a Camera

That markets cannot achieve full informational efficiency that "there is an equilibrium degree. [definitional]

  1. That markets cannot achieve full informational efficiency that "there is an equilibrium degree of disequilibrium" is the claim of Grossman and Stiglitz (1980, p. 393), but their work was not orthodox financial economics.
Donald MacKenzie, An Engine, Not a Camera, loc. 1630