Adaptive Markets: Financial Evolution at the Speed of Thought by Andrew W. LoA new, evolutionary explanation of markets and investor behavior Half of all Americans have money in the stock market, yet economists can't agree on whether investors and markets are rational and efficient, as modern financial theory assumes, or irrational and inefficient, as behavioral economists believe and as financial bubbles, crashes, and crises suggest. This is one of the biggest debates in economics and the value or futility of investment