The Myth of the Rational Market: A History of Risk, Reward, and Delusion on Wall Street

The Myth of the Rational Market is a high-level but useful history of the key economists behind the Efficient Markets Hypothesis and similar finance theories – many of whom placed excessive faith in the information conveyed by highly volatile market prices. There are earlier and more detailed books that made these same points (Doug Henwood’s outstanding Wall Street comes to mind), but Fox’s skill is to write clearly and popularize these important ideas for a broader audience.