The efficient market hypothesis, like many things in economics, has been named in a very ideological way (Fama himself agreed with that). First of all in has no

The efficient market hypothesis, like many things in economics, has been named in a very ideological way (Fama himself agreed with that). First of all in has nothing to do with markets in the general economic sense, as it's merely about financial markets. And then it has nothing to do with “efficiency” in any sense (neither the common sense or the usual economic sense of the word). In fact it's kind of the opposite of efficiency, because when the efficient market hypothesis is true, then it means that the market makers are losing money compared to the passive investors, and that's very inefficient: it gives nobody an incentive to perform the work of capital allocation and instead incentivize everyone to be freeloading on other people's work.