@johngordon Should add that I never bought into inefficient market theory. Always seemed like some people would have specialized knowledge who would do better than market where many didn’t have that knowledge.
@johngordon I think unpredictable was often a part of efficient market theory (to the degree I dare say I understand it) The idea wasn’t that markets are predictive but that you can’t predict better than them.
@johngordon Yes, but there were some economists arguing that policy mistakes going back to Nixon era made using SSI incentivized. As Noah notes though workplace participation fell off cliff around 2000.