RT Journal Article
SR Electronic
T1 What Is All Efficiency?—<em>A Note</em>
JF The Journal of Investing
FD Institutional Investor Journals
SP joi.2020.1.135
DO 10.3905/joi.2020.1.135
A1 George Frankfurter
YR 2020
UL https://pm-research.com/content/early/2020/05/27/joi.2020.1.135.abstract
AB 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.TOPIC: Portfolio theoryKey Finding• What is normative and what is positive, value-neutral, and value-laden, and how efficiency got a meaning of its own.