The bigger problem, which I already discussed in an earlier essay, is that the anti-EMH crowd really can’t come up with any useful implications for their theory.
Sure there is – the useful implication is that if markets are irrational, then the only way to go is via an economy that doesn’t depend on irrational markets, it instead depends on the gentle guiding hand of Elite Technocrats.
Elite Technocrats, you see, are immune to irrationality. All of those bizarre behaviors embedded in humans because of their genetics? Pfft. Not applicable to Elite Technocrats. The ridiculous status games and mating displays humans constantly go through? Elite Technocrats are unencumbered by such primitive behaviors.
That’s why we should trust them to manage the economy. They are the angels who live among us!