Where did the challenge to the efficient market orthodoxy come from? And why has this challenge not translated into better financial policy and regulation – even in the wake of the most recent market meltdown in 2008? These and more questions are answered in the second half of our conversation with Justin Fox.

Here, in the first half of our conversation with Justin Fox, he explains not just how the idea of rational markets developed, but how many of its key principles remain important for investors today.