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...strands of statistics and pro-market ideology came together in the mid-1960s. It was the great MIT economist Paul Samuelson who made the case mathematically that a rational market would be a random one. But Samuelson didn't share Friedman's political views, and he never claimed that actual markets met this ideal. It was at Chicago that a group of students and young faculty members influenced by Friedman's ideas began to make the case that the U.S. stock market, at least, was what they called "efficient...
...didn't take long for a new generation of scholars, many with roots at Samuelson's MIT, to start pointing out the problems. Samuelson protégé Joseph Stiglitz showed that a perfectly efficient market was impossible, because in such a market, nobody would have any incentive to gather the information needed to make markets efficient. Another Samuelson student, Robert Shiller, documented that stock prices jumped around a lot more than corporate fundamentals did. Samuelson's nephew Lawrence Summers demonstrated that it was impossible (without a thousand years of data) to tell a rationally random market from an irrational...
...Events Board decimates our quality of life by failing to magically turn its paltry funds into Lil' Wayne--we're also willing to give credit where credit is due. So far, the Athletic Department has resisted the urge to get rid of varsity programs like its counterpart over at MIT...
...late summer or early fall. Faculty members will have the option of blocking public access to articles they write. This move at GSE follows similar policies already approved by the Faculty of Arts and Sciences, the Law School, the Kennedy School, and a smattering of peer universities including MIT and the Stanford School of Education. According to John W. Collins III, GSE Librarian, allowing open access is universally beneficial. He said it will improve the quality of education worldwide, circulate faculty members’ works, and facilitate scholarly dialogue. He added that the decision has received a positive response from...
...goes into the basic benefits package is a political minefield - which is why many health-care experts say they don't want it left in the hands of Congress and lobbyists. "If you start fighting over whether chiropractors should be in the benefits package, this bill is dead," says MIT's Gruber...