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

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

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Harvey S. Rosen21

American economist 1949

Paul Ormerod book The Death of Economics

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

“Faith in natural order and market efficiency forecloses a full normative assessment of market outcomes. … It effectively depoliticizes the market itself and its outcomes. It is only when the illusion of natural order is lifted that a real problem arises: that of the justice of the organizational rules and their distributional consequences.”

Bernard Harcourt (1963) American academic

Source: The Illusion of Free Markets: Punishment and the Myth of Natural Order (2011), p. 32

“Economists should study financial markets as they actually operate, not as they assume them to operate—observing the way in which information is actually processed, observing the serial correlations, bonanzas, and sudden stops, not assuming these away as noise around the edges of efficient and rational markets.”

Adair Turner, Baron Turner of Ecchinswell (1955) British businessman

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

“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. Stiglitz (1943) American economist and professor, born 1943.

Autobiographical Essay (2001)

“Adam Smith is, of course, justly lauded for his advocacy of free markets and limited government. Particularly famous is his idea that each person’s pursuit of self-interest leads, as if by an invisible hand, to socially efficient outcomes.”

Robert Barro (1944) American classical macroeconomist

Nothing Is Sacred (2002)

“[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