... The alternative (consistent with the Efficient Markets Hypothesis) is self-dissolution into venture capital, or crypto-currency innovation in the best case.
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Replying to @Outsideness
'...(consistent with the Efficient Markets Hypothesis) ...' O dear.
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Replying to @Stebbing_Heuer
The Efficient Markets Hypothesis might not satisfy Platonic aspirations but it's the best we're ever going to get. ...
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Replying to @Outsideness
The hypothesis ‘securities prices reflect God’s will’ is equally as testable, and has the same explanatory and predictive power, as the EMH.
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Replying to @Stebbing_Heuer
Securities prices do reflect God's will, given only a minimally realistic theology.
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Replying to @Outsideness
Assuming god exists, then everything must necessarily reflect god’s will. And so the explanation explains the reason for everything being as it is, at the same time as it gives us no insight into the phenomenon under consideration. Just like the EMH.
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Replying to @Stebbing_Heuer
EMH recommends against all policy intervention into the market system. That's more important than 'insight' (which is for venture capitalists).
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Replying to @Outsideness @Stebbing_Heuer
... Strictly, EMH is a critique of economic metaphysics, i.e. of the belief in economic knowledge transcending the economy itself, and the point of any critique is to eliminate futile undertakings. ...
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... The one definite prediction made by EMH is that the discipline of economics, when conceived as a generator of definite predictions, will fail.
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Replying to @Outsideness
It’s important to be right for the right reasons. Here’s a prediction for you, from economics: as time progresses, the purchasing power of all existing fiat currencies will approach zero. It’s easy for us to bet on this prediction, you taking the other side.
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