I have a name for people who went to the extreme efficient market theory-which is "bonkers". It was an intellectually consistent theory that enabled them to do pretty mathematics. So I understand its seductiveness to people with large mathematical gifts. It just had a difficulty in that the fundamental assumption did not tie properly to reality.
What I warn you to remember is that I am a detective. Our relationship with truth is fundamental but cracked, refracting confusingly like fragmented glass. It is the core of our careers, the endgame of every move we make, and we pursue it with strategies painstakingly constructed of lies and concealment and every variation on deception.
The following are the universally fundamental laws of literary communication: 1. one must have something to communicate; 2. one must have someone to whom to communicate it; 3. one must really communicate it, not merely express it for oneself alone. Otherwise it would be more to the point to remain silent.
When more of the people's sustenance is exacted through the form of taxation than is necessary to meet the just obligations of government and expenses of its economical administration, such exaction becomes ruthless extortion and a violation of the fundamental principles of free government.
People at the top spend less money than those at the bottom so when you have redistribution toward the top, aggregate demand goes down. Unless you intervene, you're going to have a weak economy unless something else happens. That something else could be a bubble. The United States tried a tech bubble and a housing bubble, but those were not sustainable answers. So I view inequality as a fundamental part of our macroeconomic weakness.