Some economists became obsessed with market efficiency and…
“Some economists became obsessed with market efficiency and others with market failure. Generally held to be members of opposite schools-freshwater and saltwater, Chicago and Cambridge, liberal and conservative, Austrian and Keynesian-both sides share an essential economic vision. They see their discipline as successful insofar as it eliminates surprise-insofar, that is, as the inexorable workings of the machine override the initiatives of the human actors.”
About This Quote
This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation.
Economists split into opposing schools but share a vision that markets should run predictably, minimizing human surprise.
In simple terms: Economists disagree yet both want predictable markets.
Key Takeaway
Recognize bias toward predictability.
Themes
economics
schools
predictability
human agency
Mood
analytical
critical
Type
academic
theoretical
When to use this quote
- policy analysis
- academic debate
- investment strategy
Key Concepts
market efficiency
market failure
institutional theory
Questions to Reflect On
- How does predictability affect innovation?
- Can markets truly eliminate surprise?
A Different Perspective
Overlooks the role of innovation and adaptability.