Re: Re: Re: Re: Up a Hayek in a kayak without apaddle

[Doug Henwood]

[EMAIL PROTECTED] wrote:

>Carrol, haven't you heard of efficient market theory?  There are no
>inefficiencies in a capitalist market economy.

Those two sentences use two different meanings of "efficient." The 
second uses it in the colloquial sense, of minimizing waste. The 
first uses it in the sense that financial economists do, which means 
"instantaneously (or almost instantaneously) reflect changes in 
available information." Market fundamentalists sometimes confuse the 
two, but I'm surprised to see someone on PEN-L do that.

Doug