„If stability and efficiency required that there existed markets that extended infinitely far into the future — and these markets clearly did not exist — what assurance do we have of the stability and efficiency of the capitalist system?“

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— Joseph E. Stiglitz

Autobiographical Essay (2001)

Übernommen aus Wikiquote. Letzte Aktualisierung 3. Juni 2021.

Joseph E. Stiglitz1

US-amerikanischer Wirtschaftswissenschaftler 1943

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„The proposition that markets drive economic efficiency is central to much of economics. Adam Smith illustrated that the “invisible hand” of the market drives efficient allocation of resources in a system of division of labor. Friedrich Hayek illustrated the central importance of the price system as an information processing mechanism more powerful than any centrally planned system could ever be. Kenneth Arrow and Gerard Debreu illustrated that complete and perfect markets deliver a Pareto-efficient equilibrium, in which no one person can be made better off without making someone else worse off. And the development of the efficient- market and rational- expectations hypotheses suggested that financial markets are in fact efficient, and that the conditions required for efficiency and for rational and stable equilibria apply even in contracts between the present and the future, which financial markets provide.“

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— Adair Turner, Baron Turner of Ecchinswell British businessman 1955

Quelle: Economics after the crisis : objectives and means (2012), Ch. 2 : Financial Markets: Efficiency, Stability, and Income Distribution

„In the Treatise we are shown the bond-market as it exists in real life: a speculative market where a price, with an identity and a momentary stability, can only exist if there are two camps of dealers holding opposite views of the impending movement of bond prices.“

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— G. L. S. Shackle British economist 1903 - 1992

Quelle: Epistemics and Economics. (1972), p. 162

„Even in financial markets, the concept of market efficiency does not hold.“

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— Paul Ormerod, buch The Death of Economics

Part II, Chapter 8, The Dynamics of Unemployment, p. 176
The Death of Economics (1994)

„In the short-run, the market is a voting machine - reflecting a voter-registration test that requires only money, not intelligence or emotional stability - but in the long-run, the market is a weighing machine.“

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— Benjamin Graham American investor 1894 - 1976

Disputed

„Capitalist development requires, as a precondition, that the state foster a general sociopolitical and legal framework conducive to market relationships. An environment of security of property and predictability is basic to encourage investment; in turn, this requires political stability and a minimum degree of social harmony.“

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— Richard Sandbrook environmentalist 1946 - 2005

Quelle: The State and Economic Stagnation in Tropical Africa, p. 320

„If financial markets aren't efficient, then what are they? According to the 'fractal market hypothesis', they are highly unstable dynamic systems that generate stock prices which appear random, but behind which lie deterministic patterns.“

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— Steve Keen Australian economist 1953

Quelle: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 11, Finance And Economic Breakdown, p. 243

„So far as school education is concerned, many of the assumptions necessary for market efficiency fail, the main problems being imperfect information, imperfect capital markets, and external effects.“

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— Nicholas Barr British economist 1943

Quelle: Economics Of The Welfare State (Fourth Edition), Chapter 13, School Education, p. 318

„This new model of development would be based clearly on the goal of sustainable human well-being. It would use measures of progress that clearly acknowledge this goal. It would acknowledge the importance of ecological sustainability, social fairness, and real economic efficiency. Ecological sustainability implies recognizing that natural and social capital are not infinitely substitutable for built and human capital, and that real biophysical limits exist to the expansion of the market economy.“

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— Robert Costanza American economist 1950

Quelle: Toward a New Sustainable Economy, 2008, p. 45

„Dioxin is the outcome of the operations of markets. Does this mean that having dioxin in the environment is efficient?“

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— Harvey S. Rosen American economist 1949

Quelle: Public Finance - International Edition - Sixth Edition, Chapter 5, Externalities, p. 79

„Trusting souls who accept economic assurances that markets are efficient are unlikely to fare any better this time when the Bull gives way to the Bear.“

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— Steve Keen Australian economist 1953

Quelle: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 10, The Price Is Not Right, p. 215

„Financial markets need to become less, not more, efficient.“

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— Ha-Joon Chang, buch 23 Things They Don't Tell You About Capitalism

Thing 22
23 Things They Don't Tell You About Capitalism (2010)

„Corruption is government intrusion into market efficiencies in the form of regulations.“

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— Milton Friedman American economist, statistician, and writer 1912 - 2006

Frequently misattributed to Milton Friedman based on a monologue from the 2005 movie Syriana
Misattributed

„If our emotional stability is based on what other people do or do not do, then we have no stability. If our emotional stability is based on love that is changeless and unalterable, then we attain the stability of God.“

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— Marianne Williamson American writer 1952

Quelle: Enchanted Love: The Mystical Power Of Intimate Relationships

„Markets can be efficient or inefficient; so can governments. thus market failure is a counterpoint to government failure.“

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— Nicholas Barr British economist 1943

Quelle: Economics Of The Welfare State (Fourth Edition), Chapter 4, State Intervention, p. 93

„Human beings are not efficiently designed for a capitalist system of production.“

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— Eric Hobsbawm, buch The Age of Extremes

Quelle: The Age of Extremes (1992), p. 414.

„Real economic efficiency implies including all resources that affect sustainable human well-being in the allocation system, not just marketed goods and services. Our current market allocation system excludes most non-marketed natural and social capital assets and services that are critical contributors to human well-being. The current economic model ignores this and therefore does not achieve real economic efficiency. A new, sustainable ecological economic model would measure and include the contributions of natural and social capital and could better approximate real economic efficiency.“

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— Robert Costanza American economist 1950

Quelle: Toward a New Sustainable Economy, 2008, p. 46

„Since in reality the stock market is inhabited by mere mortals, there is no way that the stock market can be efficient in the way that economists define the term.“

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— Steve Keen Australian economist 1953

Quelle: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 10, The Price Is Not Right, p. 216

„Some institutions within the market are associated with exchange and contracts in an elemental sense (such as the legal system and the customs which govern the contract)… These would be present even if a formal market did not exist. Other institutions are specifically to do with the development of a market and the coordination of a large number of exchanges in an organized manner.“

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— Geoffrey Hodgson British economist 1946

Quelle: Economics and Institutions, 1988, p. 174

„The forms of social organization produced the market, not the reverse… Instead of markets calling forth efficient forms of social organization, political and social interactions produced the structuring of sociologically effective markets.“

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— Neil Fligstein American sociologist 1951

Quelle: The transformation of corporate control, 1993, p. 300

„Moral: free markets do not stabilize themselves. Zero regulating is vastly suboptimal to rational regulating. Libertarianism is its own worst enemy!“

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— Paul A. Samuelson American economist 1915 - 2009

New millennium, An Enjoyable Life Puzzling Over Modern Finance Theory, 2009

„If stability and efficiency required that there existed markets that extended infinitely far into the future — and these markets clearly did not exist — what assurance do we have of the stability and efficiency of the capitalist system?“

Joseph E. Stiglitz1

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