About This Video
How can publishing keep up with Wall Street? When the stock market crash hit last year, publishers scrambled to catch up with the lightening-fast reversal in America's fortunes. Last week GalleyCat caught up with Time Magazine's financial reporter, Justin Fox, talking about how publishers and writers struggle to capture this rapidly changing market. His new book, "The Myth of the Rational Market," gives a history lesson about the authors, economists, and stock brokers who tried to analyze finance over the last century.Here's more about the book: The efficient market hypothesis--long part of academic folklore but codified in the 1960s at the University of Chicago--has evolved into a powerful myth ... The theory holds that the market is always right, and that the decisions of millions of rational investors, all acting on information to outsmart one another, always provide the best judge of a stock's value. That myth is crumbling."
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