11.   But in all three, social security has priority over efficient markets and government spending still represents roughly half of national output.

12.   But this business of scientific trading, says Shaw, is not the future of finance, because the efficient market will eventually triumph.

13.   By extension, it is folly for investors to think that they can consistently beat an efficient market.

14.   Caroline M. Hoxby, a Harvard economist, said efficient markets depended on just a few well-informed shoppers who spread the word about the best products.

15.   Efficient markets, the goal in America, are supposed to produce optimal results.

16.   For years, hordes of investors called technical analysts have ignored the admonitions about efficient markets.

17.   If the orthodox economists are right, the Sisyphean efforts of Prediction Co. merely insures that the efficient market hypothesis will ultimately prevail, flattening the nonbelievers.

18.   In an efficient market, all information about a company is factored into the price of its stock every day.

19.   More efficient markets mean that there are fewer easy profit opportunities for such businesses.

20.   Of course, in the real world, efficient market theory has lots of holes.