SOROS: The Efficient Market Hypothesis Has Run Into Bankruptcy
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George Soros: The Efficient Market Hypothesis Has Run Into Bankruptcy (Institute For New Economic Thinking)
In an interview with the Institute for New Economic Thinking George Soros argues that the "prevailing paradigm of efficient market hypothesis—rational choice theory has actually run into bankruptcy, very similar to the bankruptcy of the global financial system after Lehman brothers." Soros who founded the institute said it needs to rethink economics.
"[We need a] fundamental rethinking of the assumptions and axioms on which economic theory has been based. because economics has been trying to come up with universally valid laws similar to Newtonian physics and that i think is an impossibility you need a new approach with different methods and also different criteria of what's acceptable."
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