I was privileged to meet Milton Friedman when I was a student in Japan in 1969. The lecture that he gave that August afternoon in the Nihon Keizai Shimbun Hall in Tokyo on “Monetary versus Fiscal Policy” had a profound impact on my thinking.

There are many market anomalies observed in financial markets that efficient-market hypothesis (EMH) and standard asset-pricing models cannot explain.

The COVID-19 pandemic is accelerating changes underway since the global financial crisis (GFC) in 2008. It is ushering in a new era of deglobalisation and protectionism — a new mercantilist world order.

The idea of market efficiency is used to describe a market in which relevant information is rapidly incorporated into the asset prices so that investors cannot expect to earn abnormal profits from their investment strategies.