Nice article. Of course, Financially Dysfunctional Behaviour (FDB) is far from being a problem of the ill informed and badly advised as Prof Siegal hints at in the foreword. Arguably, the anti-social impact of FDB as practised by "the 1%" is a much bigger problem.

As Paul Wooley and his colleagues have demonstrated, FDB is endemic amongst intermediaries: http://www2.lse.ac.uk/fmg/researchProgrammes/paulWoolleyCentre/pdf/Tami…

And as Jeremy Grantham explains, investors are at risk of enabling serious environmental and social damage in the name of EMH and fiduciary duty: “we should not unnecessarily ruin a pleasant and currently very serviceable planet just to maximize the short-term profits of energy companies and others". http://www.gmo.com/websitecontent/JG_LetterALL_11-12.pdf

Given that the American Psychiatric Association think Attention Deficit Disorder and Hypersexual Disorder are worthy of inclusion in the new bible of mental illness (DSM-5), isn't there a good case for including FDB too? After all, the social costs are so much greater already and we've only had 0.8 degrees warming and the GFC is far from finished.