“From the beginning I could not believe that the “efficient market” hypothesis was dependent on a pure Brownian motion white noise or any truly random random walk. Place a minuscule colloidal molecule on a horizontal table that covers unlimited acres. Bombard it from every direction with thousands of minute atoms; and then if you wait long enough that original molecule can have traveled a billion miles in one direction. That’s truly a random Bachelier-Einstein walk, but not my notion of economic fluctuations.”

— Paul A. Samuelson

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

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Paul A. Samuelson 47

American economist 1915–2009

William Feller (1906–1970) Croatian-American mathematician

Source: An Introduction To Probability Theory And Its Applications (Third Edition), Chapter III, Fluctuations In Coin Tossing And Random Walks, p. 92.

“[Market outcomes] depends on the cumulation of random events.”

W. Brian Arthur (1946) American economist

Source: Competing Technologies, Increasing Returns and Lock-in by Historical Events, (1989), p. 124; as cited in: Tobias Georg Meyer (2012) Path Dependence in Two-sided Markets. p. 244

“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 (1953) Australian economist

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

“A weakness of the random-walk model lies in its assumption of instantaneous adjustment, whereas the information impelling a stock market toward its "intrinsic value" gradually becomes disseminated throughout the market place.”

Richard Arnold Epstein (1927) American physicist

Source: The Theory of Gambling and Statistical Logic (Revised Edition) 1977, Chapter Nine, Weighted Statistical Logic And Statistical Games, p. 299

“Life cannot have had a random beginning … The trouble is that there are about two thousand enzymes, and the chance of obtaining them all in a random trial is only one part in 1040,000, an outrageously small probability that could not be faced even if the whole universe consisted of organic soup.”

Fred Hoyle (1915–2001) British astronomer

Fred Hoyle and N. Chandra Wickramasinghe, Evolution from Space (London: J.M. Dent & Sons, 1981)

“Since it is the actions of investors whose buy and sell decisions move prices up and down, any deviation from a random walk has ultimately to be traced back to the behavior of investors.”

Didier Sornette (1957) French scientist

Source: Why Stock Markets Crash - Critical Events in Complex Systems (2003), Chapter 4, Positive Feedbacks, p. 81

“Random chance was not a sufficient explanation of the Universe---in fact, random chance was not sufficient to explain random chance; the pot could not hold itself.”

Robert A. Heinlein book Stranger in a Strange Land

Source: Stranger in a Strange Land

“A diatomic molecule is a molecule with one atom too many.”

Arthur Leonard Schawlow (1921–1999) American physicist

as quoted in [Dave DeMille, Diatomic molecules, a window onto fundamental physics, Physics Today, 2015, December, 34, 68, 12, 10.1063/PT.3.3020]

“One recent history of economic thought (Jürg Niehans’s A History of Economic Theory) devotes twenty-four pages to Samuelson’s ideas. Adam Smith only gets thirteen. Samuelson’s work on stock markets and the random walk takes up less than two of those twenty-four pages. He was “the last generalist in economics,” as he liked to say, and for him financial market studies were just a side project that he at times seemed deeply ambivalent about. His intervention was, however, crucial to the triumph of the random walk. Here was one of the most important economists of all time, and he didn’t think the relationship between coin flips and the stock market was a dinner-speech triviality.”

Justin Fox (1964) American journalist

Justin Fox, Myth of Rational Market (2009), Ch. 4 : A Random Walk from Paul Samuelson to Paul Samuelson

“And one's passions are so random and unreliable - cricket scores one minute, Swinburne the next.”

Julian Mitchell Another Country

Another Country (1982)

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