John Cochrane, Fama's son in law, is also doing much work to "undermine" the EMH. Cochrane's current academic work is entirely centered on that. People in the left doesn't acknowledge that the EMH is to Shiller's and Cochrane's work like, well, the 3rd volume of Das Kapital is to the 1st volume. But the relationship is *really* not that different. It's about achieving increasing levels of concretion. Not about rejecting these theories altogether.
Recently, Jurriaan alluded in a post to the fact that today's value theory is (in my words, not Jurriaan's) not a "flow" (or "microeconomic") theory of value but a "stock" (or "financial") theory of value. I second that. It is much more general and transparent. The approach sidesteps most of the old arguments by a rather simple re-framing of the problem. The target keeps shifting, for good.
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