Fama versus Thaler
By David Henderson
Normally, when I face a choice between watching a 40-minute video and reading the transcript, I do the latter. My main reason is that I can read the transcript in 5 to 7 minutes.
For some reason I made an exception with “Are Markets Efficient?” and I’m glad I did. Going through the transcript afterwards, I found that the words left out an important tone of the discussion. We are so used to seeing people attack, ridicule, or dismiss their intellectual opponents. Watch this video and you see that not only do they not do that, but also Gene Fama and Richard Thaler have a lot of respect for each other and, dare I say, at least a little bit of affection.
Hal Weitzman, the questioner, does a tremendous job, asking good questions and letting Gene and Richard talk rather than inserting his views. My favorite 2 minutes is from about 28:00 to 30:00.
HT2 Tyler Cowen.