Two Economists Debate Market

Today on the front page of the Wall Street Journal there is an article that talks about two economist one named Eugene Fama and Richard Thaler. Apparently these two economists have been arguing about two different theories one being Efficient markets which in the article calls Mr. Fama the "intellectual father of the theory known as the efficient-market hypothesis." Mr. Thaler is said to be a "behavorists" which suggests that "policy makers have a important role in guiding the market." the reason that the article was written is that Mr. Fama as apparently suggested in a paper that he wrote that says some bad investments by people could "lead the market astray" which people are suggesting that Mr. Fama is giving some ground to Mr. Thaler and the "behavorists". I thought this article was rather interesting since we have talked in class about market efficiency and here they have one of the leading economists on the subject giving some new suggestions to the idea of efficient markets. As well as showing two big points with which economists have been differing on.