During the past few decades, though, all too many economists overlooked these dangers, or purposely sought to downplay them. Over time, these omissions helped to produce an intellectual environment in which policymakers from both major parties could pursue policies that proved disastrous. One of the reasons for this failure in the market for economic analysis was the hegemony of the efficient-markets hypothesis, and the sunny view of finance it embodied. - http://www.newyorker.com/online/blogs/johncassidy/2013/10/the-inefficiency-of-the-market-isnt-an-open-question.html