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Abstract
In a nostalgic spurt, I reminisce about the meaning of the adjective “efficient,” in the context of a normative model, where it signified no dominance by any other choice. And how this value-neutral meaning turned into an ideological, value-laden jargon of “efficiency,” to adorn capital markets as the avatar of God.
TOPICS: Portfolio theory, portfolio construction
Key Finding
• What is normative and what is positive, value-neutral, and value-laden, and how efficiency got a meaning of its own.
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