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Page last updated at 09:20 GMT, Friday, 31 July 2009 10:20 UK

'Earthquake' for economic theory

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The last two years have been a fascinating time for economists, but a humiliating one too. But has the bedrock theory underpinning economists' view of financial markets been shaken? Economics editor of the Telegraph Edmund Conway and Andrew Lilico, chief economist at the Policy Exchange think tank, debate whether the the so-called efficient markets hypothesis remains intact.

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