It's been a long wait, but the New York Times Book Review has come through in a big way, with a review by Paul Krugman. The crucial bits:
… Justin Fox’s “Myth of the Rational Market” brilliantly tells the
story of how that edifice was built — and why so few were willing to
acknowledge that it was a house built on sand.
Do we really need
yet another book about the financial crisis? Yes, we do — because this
one is different. Instead of focusing on the errors and abuses of the
bankers, Fox … tells the story of the professors who enabled those abuses
under the banner of the financial theory known as the efficient-market
hypothesis. Fox’s book is not an idle exercise in intellectual history,
which makes it a must-read for anyone who wants to understand the mess
we’re in. …
yet another book about the financial crisis? Yes, we do — because this
one is different. Instead of focusing on the errors and abuses of the
bankers, Fox … tells the story of the professors who enabled those abuses
under the banner of the financial theory known as the efficient-market
hypothesis. Fox’s book is not an idle exercise in intellectual history,
which makes it a must-read for anyone who wants to understand the mess
we’re in. …
One of the great things about Fox’s writing is that he brings to it a
real understanding of the sociology of the academic world. Above all,
he gets the way in which one’s career, reputation, even sense of
self-worth can end up being defined by a particular intellectual
approach, so that supporters of the approach start to resemble fervent
political activists — or members of a cult. …