Quotes & Sayings About Market Efficiency

Corruption is government intrusion into market efficiencies in the form of regulations. — Milton Friedman

My belief in free competitive economic enterprise does not rest solely or even mainly on arguments of economic efficiency, though, heaven knows, these are cogent enough. It rests essentially on the view that the free market is the only safe way of ensuring that productive effort is directed towards supplying what individuals actually want, and in a way which secures the dignity and independence of the worker. — Margaret Thatcher

But the justifications of the family farm are not merely agricultural; they are political and cultural as well. The question of the survival of the family farm and the farm family is one version of the question of who will own the country, which is, ultimately, the question of who will own the people. Shall the usable property of our country be democratically divided, or not? Shall the power of property be a democratic power, or not? If many people do not own the usable property, then they must submit to the few who do own it. They cannot eat or be sheltered or clothed except in submission. They will find themselves entirely dependent on money; they will find costs always higher, and money always harder to get. To renounce the principle of democratic property, which is the only basis of democratic liberty, in exchange for specious notions of efficiency or the economics of the so-called free market is a tragic folly. There — Wendell Berry

The interchange of information is creating a new paradigm for the energy efficiency market — Greg Turner

Much of the story we have told falls outside the boundaries of modern academic disciplines and their respective histories. Contemporary economics focuses on issues of efficiency in allocation, political science on institutions of governmental power, political theory on questions of justice, sociology on social groups as defined by interactions outside the market. Some division of intellectual labor is of course productive, and the conceptual lenses that each discipline brings to bear may genuinely help us see an aspect of reality that would otherwise remain undetected. Yet those concerned with the moral implications and ramifications of the market
as any self-critical person in modern society ought to be
get a very skewed picture when they view it through only one of these lenses. Seeing the market with the added perspectives offered by the thinkers treated here provides us with a richer and more rounded view. — Jerry Z. Muller

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

A tension has always existed between the capitalist imperative to maximize efficiency at any cost and the moral imperatives of culture, which historically have served as a counterweight to the moral blindness of the market. This is another example of the cultural contradictions of capitalism - the tendency over time for the economic impulse to erode the moral underpinnings of society. Mercy toward the animals in our care is one such casualty. — Michael Pollan

The argument for the free market is a complicated and sophisticated one and depends on demonstration of secondary effects. I have confidence market efficiency will win out. — Milton Friedman

Any business owner can tell you that if their company isn't performing profitably and up to standards, one of two things will happen: either you make changes to improve its efficiency, or a competitor will drive you out of business. Market forces have a way of cutting to the chase rather quickly. — J. B. Pritzker

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 in behavior. — Andrew Lo

The Circle had 90 percent of the search market. Eighty-eight percent of the free-mail market, 92 percent of text servicing. That was, in her perspective, a simple testament to their making and delivering the best product. It seemed insane to punish the company for its efficiency, for its attention to detail. For succeeding. — Dave Eggers

An industrial policy worked in Taiwan only because the state was able to shield its planning technocrats from political pressures so that they could reinforce the market and make decisions according to criteria of efficiency - in other words, worked because Taiwan was not governed democratically. An American industrial policy is much less likely to improve its economic competitiveness, precisely because America is more democratic than Taiwan or the Asian NIEs. The planning process would quickly fall prey to pressures from Congress either to protect inefficient industries or to promote ones
favored by special interests. — Francis Fukuyama

Investing in a market where people believe in efficiency is like playing bridge with someone who has been told it doesn't do any good to look at the cards. — Warren Buffett

A vital function of the free market is to penalize inefficiency and misjudgment and to reward efficiency and good judgment. By distorting economic calculations and creating illusory profits, inflation will destroy this function. — Henry Hazlitt

The great multinationals are unwilling to face the moral and economic contradictions of their own behavior - producing in low-wage dictatorships and selling to high-wage democracies. Indeed, the striking quality about global enterprises is how easily free-market capitalism puts aside its supposed values in order to do business. The conditions of human freedom do not matter to them so long as the market demand is robust. The absence of freedom, if anything, lends order and efficiency to their operations. — William Greider

By elevating the dictum of the market to the role of the sole criterion of rationality and efficiency, economics denies even all "respectability" to the distinction between essential and non-essential consumption, between productive and unproductive labor, between actual and potential surplus. — Paul A. Baran

The pulpit only "teaches" to be honest; the market-place "trains" to overreaching and fraud; and teaching has not a tithe of the efficiency of training. Christ never wrote a tract, but He went about doing good. — Horace Mann

Although most Americans apparently loathe inflation, Yale economists have argued that a little inflation may be necessary to grease the wheels of the labor market and enable efficiency-enhancing changes in relative pay to occur without requiring nominal wage cuts by workers. — Janet Yellen

The reason the U.S. lags so badly is that we have obsolete rules that favor big over small, supply over efficiency, and incumbents over new market entrants. — Amory Lovins

Second, they [those who disagree with market efficiency] always claim they know a man, a bank, or a fund that does do better. Alas, anecdotes are not science. And once Wharton School dissertations seek to quantify the performers, these have a tendency to evaporate into the air - or, at least, into statistically insignificant t-statistics. — Paul Samuelson

Did I think I was doing God's work?" he said later. "No. But I did think market efficiency was something important for the economy. — Michael Lewis

One of the dirty little secrets of the stock market rally is that the rising corporate profits that powered it are largely phantom profits. They are artifacts of currency devaluation, not an increase in efficiency or production of goods and services. — Charles Hugh Smith

The state owned monopolies are among the greatest millstones round the neck of the economy ... Liberals must stress at all times the virtues of the market, not only for efficiency but to enable the widest possible choice ... Much of what Mrs Thatcher and Sir Keith Joseph say and do is in the mainstream of liberal philosophy. — Jo Grimond

Not surprisingly, the father if market efficiency, Gene Farma, has a very clever way to avoid the pitfalls of hyperbolic discounting. When he's invited to talk or engage in sone business activity, he has a . simple rule for deciding whether to accept: no matter how far in the future it's scheduled, he ask himself whether it's something he would want to do if the event were next week; if the answer is yes, he accepts, otherwise, he politely declines. This simple rule of thumb ensures that he uses the same discount rate across all decision horizons. — Andrew W. Lo

Even in financial markets, the concept of market efficiency does not hold. — Paul Ormerod

The barriers that renewables and efficiency face come less from our living in a capitalist market economy and more from not taking market economics seriously. — Amory Lovins

The protection of private property does more than promote market efficiency; it enhances the level of human freedom in the most intimate and personal parts of our lives. — Richard Allen Epstein

I take the market-efficiency hypothesis to be the simple statement that security prices fully reflect all available information. — Eugene Fama

First, those who disagree with market efficiency simply assert that it stands to common sense that greater effort to get facts and greater acumen in analyzing those facts will pay off in better performance somehow measured. (By this logic, cure for cancer must have been found by 1955). — Paul Samuelson