Everyday examples of the EMH at work
No room to cook dinner or seat guests? Welcome to ‘rabbit hutch Britain’
In fresh evidence of a phenomenon that has been dubbed “rabbit hutch Britain”, the government’s design watchdog concluded that much private housing being built in Britain today may not be “fit for purpose”.
“This research brings into question the argument that the market will meet the demands of people living in private housing developments,” said Richard Simmons, chief executive of Cabe. “We need local planning authorities to ensure much higher space standards before giving developments the go-ahead.”
“Council housing is built to better standards than our private housing and that seems absurd,” said Alex Ely, an architect who wrote the mayor of London’s recently published minimum space guidelines for public housing in the capital.
The rooms in newly built private housing are so small that close to half of buyers find their kitchens are so cramped they cannot cook properly for their families, Read more at www.guardian.co.uk
Terry Wassall says:
The Efficient Market Hypothesis seems to have real world refutations at every glance. Here’s another. I’m not an economist (life’s too short) but an admittedly superficial examination of EMH seems to indicate a staggeringly naive notion of what ‘information’ is - its social construction, its manufacture and dissemination by powerful vested political and commercial interests - consumerism and political interests in legitimacy and control. Never mind the matter that the ‘needs’ the market supposedly meets are often needs the market (and the propaganda - sorry, public relations - industry has created. Hence the spurious apparent customer ’satisfaction’ often appealed to as evidence of the efficiency of markets.
