--- title: "Meaning & Key Takeaway of: Some economists became obsessed with…" description: "\"Some economists became obsessed with market efficiency and others with market failure. Generally held to be members of opposite schools-freshwater and ..." image: "https://sms4smile.com/quotes/i/420/george-gilder-6757_actors_some-economists-became-obsessed-with-mar_2131330.jpg" --- # 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…” quote by George Gilder](https://sms4smile.com/quotes/i/420/george-gilder-6757_actors_some-economists-became-obsessed-with-mar_2131330.jpg) [Download](https://sms4smile.com/quotes/i/420/george-gilder-6757_actors_some-economists-became-obsessed-with-mar_2131330.jpg) [Open image](https://sms4smile.com/quotes/i/420/george-gilder-6757_actors_some-economists-became-obsessed-with-mar_2131330.jpg) > “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.” [George Gilder](https://sms4smile.com/quotes/author/george-gilder/) ## 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. ★ ★ ★ ★ ★ No ratings yet [Actors](https://sms4smile.com/quotes/about/actors/) [Cambridge](https://sms4smile.com/quotes/about/cambridge/) [Chicago](https://sms4smile.com/quotes/about/chicago/) [Conservative](https://sms4smile.com/quotes/about/conservative/) [Discipline](https://sms4smile.com/quotes/about/discipline/) [Dreams](https://sms4smile.com/quotes/about/dreams/) [Economic](https://sms4smile.com/quotes/about/economic/) [Economics](https://sms4smile.com/quotes/about/economics/) [Economist](https://sms4smile.com/quotes/about/economist/) [Economists](https://sms4smile.com/quotes/about/economists/) [Economists Obsessed](https://sms4smile.com/quotes/about/economists-obsessed-4394289/) [Efficiency](https://sms4smile.com/quotes/about/efficiency/) [Efficiency Market](https://sms4smile.com/quotes/about/efficiency-market-3408804/) [Essentials](https://sms4smile.com/quotes/about/essentials/) [Failure](https://sms4smile.com/quotes/about/failure/) [Humans](https://sms4smile.com/quotes/about/humans/) [Initiative](https://sms4smile.com/quotes/about/initiative/) [Investing](https://sms4smile.com/quotes/about/investing/) [Keynesian Sides](https://sms4smile.com/quotes/about/keynesian-sides-4394288/) [Machines](https://sms4smile.com/quotes/about/machines/) [Market efficiency](https://sms4smile.com/quotes/about/market-efficiency/) [Market failure](https://sms4smile.com/quotes/about/market-failure/) [Members](https://sms4smile.com/quotes/about/members/) [Obsessed](https://sms4smile.com/quotes/about/obsessed/) [Opposites](https://sms4smile.com/quotes/about/opposites/) [Productivity](https://sms4smile.com/quotes/about/productivity/) [School](https://sms4smile.com/quotes/about/school/) [Share](https://sms4smile.com/quotes/about/share/) [Sides](https://sms4smile.com/quotes/about/sides/) [Successful](https://sms4smile.com/quotes/about/successful/) [Surprise](https://sms4smile.com/quotes/about/surprise/) [Vision](https://sms4smile.com/quotes/about/vision/) ## Related quotes > [The interchange of information is creating a new paradigm for the energy efficiency market](https://sms4smile.com/quotes/greg-turner/the-interchange-of-information-is-creating-a-new-paradigm-for-the/) [Greg Turner](https://sms4smile.com/quotes/author/greg-turner/) > [Even in financial markets, the concept of market efficiency does not hold.](https://sms4smile.com/quotes/paul-ormerod/even-in-financial-markets-the-concept-of-market-efficiency-does-not/) [Paul Ormerod](https://sms4smile.com/quotes/author/paul-ormerod/) > [ Second, they \[those who disagree with market efficiency\] always claim they know a man, a bank, or a fund that does do better. Alas,… ](https://sms4smile.com/quotes/paul-samuelson/second-they-those-who-disagree-with-market-efficiency-always-claim/) [Paul Samuelson](https://sms4smile.com/quotes/author/paul-samuelson/) > [Corruption is government intrusion into market efficiencies in the form of regulations.](https://sms4smile.com/quotes/milton-friedman/corruption-is-government-intrusion-into-market-efficiencies-in-the/) [Milton Friedman](https://sms4smile.com/quotes/author/milton-friedman/) > [The argument for the free market is a complicated and sophisticated one and depends on demonstration of secondary effects. I have confidence market efficiency…](https://sms4smile.com/quotes/milton-friedman/the-argument-for-the-free-market-is-a-complicated-and-sophisticated/) [Milton Friedman](https://sms4smile.com/quotes/author/milton-friedman/) > [I take the market-efficiency hypothesis to be the simple statement that security prices fully reflect all available information.](https://sms4smile.com/quotes/eugene-fama/i-take-the-market-efficiency-hypothesis-to-be-the-simple-statement/) [Eugene Fama](https://sms4smile.com/quotes/author/eugene-fama/) > [During periods of extreme fear or greed, you don't have the proper balance between those two to generate market efficiency and you get extremes…](https://sms4smile.com/quotes/andrew-lo/during-periods-of-extreme-fear-or-greed-you-don-t-have-the-proper/) [Andrew Lo](https://sms4smile.com/quotes/author/andrew-lo/) > [First, those who disagree with market efficiency simply assert that it stands to common sense that greater effort to get facts and greater acumen…](https://sms4smile.com/quotes/paul-samuelson/first-those-who-disagree-with-market-efficiency-simply-assert-that-it/) [Paul Samuelson](https://sms4smile.com/quotes/author/paul-samuelson/) > [“The adjective “efficient” in “efficient markets” refers to how investors use information. 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The crucial alpha, the entropy, the signal modulating that linear advance...comes from knowledge of the entrepreneurial surprises harbored on the…](https://sms4smile.com/quotes/george-gilder/the-index-is-retrospective-the-crucial-alpha-the-entropy-the-signal/) [George Gilder](https://sms4smile.com/quotes/author/george-gilder/) > [In order to understand the movement of prices, you need not an oscilloscope to measure the entire market and reduce it to noise, but…](https://sms4smile.com/quotes/george-gilder/in-order-to-understand-the-movement-of-prices-you-need-not-an/) [George Gilder](https://sms4smile.com/quotes/author/george-gilder/) > [The most important feature of an information economy, in which information is defined as surprise, is the overthrow, not the attainment, of equilibrium. The…](https://sms4smile.com/quotes/george-gilder/the-most-important-feature-of-an-information-economy-in-which/) [George Gilder](https://sms4smile.com/quotes/author/george-gilder/) > [Nothing is more deadly to achievement than the belief that effort will not be rewarded, that the world is a bleak and discriminatory place…](https://sms4smile.com/quotes/george-gilder/nothing-is-more-deadly-to-achievement-than-the-belief-that-effort/) [George Gilder](https://sms4smile.com/quotes/author/george-gilder/) > [“An economy is a "noosphere" (a mind-based system), and it can revive as quickly as minds and policies can change.”](https://sms4smile.com/quotes/george-gilder/an-economy-is-a-noosphere-a-mind-based-system-and-it-can-revive-as/) [George Gilder](https://sms4smile.com/quotes/author/george-gilder/) > [“Obviously the most enduring way to make this commitment is through marriage. 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