  The 2015 Nobel Prize in Economic Sciences was awarded to Eugene Fama, Lars
Peter Hansen and Robert Shiller for their contributions to the empirical
analysis of asset prices. Eugene Fama [1] is an advocate of the efficient
market hypothesis. The efficient market hypothesis assumes that asset price is
determined by using all available information and only reacts to new
information not incorporated into the fundamentals. Thus, the movement of stock
prices is unpredictable. Robert Shiller [2] has been studying the existence of
irrational bubbles, which are defined as the long term deviations of asset
price from the fundamentals. This drives us to the unsettled question of how
the market actually works.
  In this paper, I look back at the development of economics and consider the
direction in which we should move in order to truly understand the workings of
an economic society.
