Can We Please Stop Saying the Market is Efficient? - Freek Vermeulen - HarvardBusiness.org

NOTE this is not talking per se about informational efficiency in the sense of responding to how markets react information, but rather how through economic Darwinsim only the strong are seen to "survive" and thrive. This is saying that this is not always the case.

Can We Please Stop Saying the Market is Efficient? - Freek Vermeulen - HarvardBusiness.org:

"Research - by professors Benner from Wharton and Tushman from the Harvard Business School - has shown that ISO 9000, in the long run, can have a severe negative impact on a firm because it hampers innovation. Yet, the short-term benefits are clear; adopting ISO 9000 often comes with some good reputational effects, an immediate increase in customers, and satisfied stakeholders. However, the negative effect on innovation, in the long run, may outweigh all of this.

Nevertheless, firms adopt the practice because they do see the short-term benefits, but are quite unaware of the long run detrimental stuff.....

The same may very well be true for quite a few of our popular governance mechanisms, the practice of excessive risk taking as we saw it in investment banking, many forms of performance management systems, and certainly for corporate sexisms, and pin-striped suits with purple ties on hot summer afternoon. It is not that Darwin is wrong - and the mechanisms he discovered do not rule our markets - it is just that they're just as difficult to shake off as a common cold. And that they are just as annoying."