The Washington Post has an interesting book review “The Myth of the Rational Market: A History of Risk, Reward, and Delusion on Wall Street”
The reviewer, Roger Lowenstein, states:
"The power of the doctrine was its grand design: the comforting notion that the financial universe adhered to absolute laws. But that was also its flaw. Prices couldn't be wrong; if they were, someone would seek to profit from the error and correct it. The illustrative joke was of two economists who spot a $10 bill on the ground. One stoops to pick it up, whereupon the other interjects, "Don't. If it were really $10, it wouldn't be there anymore."
Theorists such as Eugene Fama decreed that if prices are unforeseeable, then the future direction of the market is random. And if the market is truly random, prices should follow what mathematicians call a bell-curve distribution. In nature, this works. We don't know whether your neighbor will be tall or short, but we can predict, with pretty close approximation, how many very tall people will live in your town. In nature, extreme results such as a village of seven-footers will never occur."
Yale professor Robert Shiller that the efficient markets theory “represents one of the most remarkable errors in the history of economic thought.”
While Wall Street may be now questioned, farm milk price, originating at the CME, is still promoted as correct and near divine in its pronouncements.