Notes From the Fieldby Martin Weil

The efficient markets hypothesis must apply to economists too – all the really good ideas have already been discovered.

Ed Leamer, Professor of Management, Economics and Statistics, Director of UCLA Anderson Forecast

Definitely an “inside baseball” sort of joke. But hysterical if you happen to be an economics junkie. Ed, a former professor of mine, and I were emailing about the seemingly irreconcilable differences between Eugene Fama and Robert Shiller, the recent co-recipients of the Nobel Prize in Economics