„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.“

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

Übernommen aus Wikiquote. Letzte Aktualisierung 3. Juni 2021. Geschichte
Adair Turner, Baron Turner of Ecchinswell Foto
Adair Turner, Baron Turner of Ecchinswell
britischer Wirtschaftsmanager, Hochschullehrer und Politiker 1955

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

—  Paul Ormerod, buch The Death of Economics

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

Robert Costanza Foto
Joseph E. Stiglitz Foto
N. Gregory Mankiw Foto
Ha-Joon Chang Foto

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

—  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)

Steve Keen Foto

„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.“

—  Steve Keen Australian economist 1953

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

Adair Turner, Baron Turner of Ecchinswell Foto
Joseph E. Stiglitz Foto
Nicholas Barr Foto

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

—  Nicholas Barr British economist 1943

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

Joseph E. Stiglitz Foto

„1. The standard neoclassical model the formal articulation of Adam Smith's invisible hand, the contention that market economies will ensure economic efficiency provides little guidance for the choice of economic systems, since once information imperfections (and the fact that markets are incomplete) are brought into the analysis, as surely they must be, there is no presumption that markets are efficient.
2. The Lange-Lerner-Taylor theorem, asserting the equivalence of market and market socialist economies, is based on a misguided view of the market, of the central problems of resource allocation, and (not surprisingly, given the first two failures) of how the market addresses those basic problems.
3. The neoclassical paradigm, through its incorrect characterization of the market economies and the central problems of resource allocation, provides a false sense of belief in the ability of market socialism to solve those resource allocation problems. To put it another way, if the neoclassical paradigm had provided a good description of the resource allocation problem and the market mechanism, then market socialism might well have been a success. The very criticisms of market socialism are themselves, to a large extent, criticisms of the neoclassical paradigm.
4. The central economic issues go beyond the traditional three questions posed at the beginning of every introductory text: What is to be produced? How is it to be produced? And for whom is it to be produced? Among the broader set of questions are: How should these resource allocation decisions be made? Who should make these decisions? How can those who are responsible for making these decisions be induced to make the right decisions? How are they to know what and how much information to acquire before making the decisions? How can the separate decisions of the millions of actors decision makers in the economy be coordinated?
5. At the core of the success of market economies are competition, markets, and decentralization. It is possible to have these, and for the government to still play a large role in the economy; indeed it may be necessary for the government to play a large role if competition is to be preserved. There has recently been extensive confusion over to what to attribute the East Asian miracle, the amazingly rapid growth in countries of this region during the past decade or two. Countries like Korea did make use of markets; they were very export oriented. And because markets played such an important role, some observers concluded that their success was convincing evidence of the power of markets alone. Yet in almost every case, government played a major role in these economies. While Wade may have put it too strongly when he entitled his book on the Taiwan success Governing the Market, there is little doubt that government intervened in the economy through the market.
6. At the core of the failure of the socialist experiment is not just the lack of property rights. Equally important were the problems arising from lack of incentives and competition, not only in the sphere of economics but also in politics. Even more important perhaps were problems of information. Hayek was right, of course, in emphasizing that the information problems facing a central planner were overwhelming. I am not sure that Hayek fully appreciated the range of information problems. If they were limited to the kinds of information problems that are at the center of the Arrow-Debreu model consumers conveying their preferences to firms, and scarcity values being communicated both to firms and consumers then market socialism would have worked. Lange would have been correct that by using prices, the socialist economy could "solve" the information problem just as well as the market could. But problems of information are broader.“

—  Joseph E. Stiglitz, buch Whither Socialism?

Quelle: Whither Socialism? (1994), Ch. 1 : The Theory of Socialism and the Power of Economic Ideas

David Orrell Foto
Milton Friedman Foto

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

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

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

Gary S. Becker Foto

„If markets were truly efficient, then you shouldn't be able to make any money rebalancing.“

—  William J. Bernstein economist 1948

Quelle: The Four Pillars of Investing (2002), Chapter 14, Getting Started, Keeping It Going, p. 290.

Joseph E. Stiglitz Foto
Steve Keen Foto

„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.“

—  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

Steve Keen Foto

„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.“

—  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

Warren Buffett Foto

„The free market’s the best mechanism ever devised to put resources to their most efficient and productive use. … The government isn’t particularly good at that. But the market isn’t so good at making sure that the wealth that’s produced is being distributed fairly or wisely.“

—  Warren Buffett American business magnate, investor, and philanthropist 1930

To Barack Obama, as quoted in The Audacity of Hope: Thoughts on Reclaiming the American Dream (2006), Ch. 5
Kontext: The free market’s the best mechanism ever devised to put resources to their most efficient and productive use. … The government isn’t particularly good at that. But the market isn’t so good at making sure that the wealth that’s produced is being distributed fairly or wisely. Some of that wealth has to be plowed back into education, so that the next generation has a fair chance, and to maintain our infrastructure, and provide some sort of safety net for those who lose out in a market economy. And it just makes sense that those of us who’ve benefited most from the market should pay a bigger share. … When you get rid of the estate tax, you’re basically handing over command of the country’s resources to people who didn’t earn it. It’s like choosing the 2020 Olympic team by picking the children of all the winners at the 2000 Games.

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