Interesting Article

I ran across an academic article recently that I haven't had time to read yet, but thought I would share it with readers of this blog.

The Financial Crisis as a Symbol of the Failure of Academic Finance? and it's available here.

This excerpt from the abstract drew my attention:

"Theoretical constructs such as the efficient markets hypothesis, rational expectations, and market completeness were too often treated as intellectual dogmas instead of (parts of) falsifiable hypotheses...the failure of academics to communicate the limitations of their models and to warn against (potential) misuses of their research - and sins of commission - introducing (often implicitly) ideological or biased features in research programs."

Full Citation

Blommestein, Hans J., The Financial Crisis as a Symbol of the Failure of Academic Finance? (A Methodological Digression) (September 23, 2009).