Why the efficient markets hypothesis caught on
The EMH does recognize one true thing: that it’s #$&^ing difficult or well-nigh impossible to systematically predict what’s going to happen. The EMH was a kind of jiu-jitsu response on the part of economists to turn weakness into strength. “I can’t figure out how things work, so I’ll make that a principle.”
See? Economists are scientists, after all. That which they can’t explain, they turn into an axiom.