The EMH is specific to asset markets. So stocks and bonds basically. No (respectable, well-known) economist has ever argued that all markets are always efficient.
Also what people mean when they say markets are efficient in other contexts means something very different. The EMH specifically describes how quickly and what kinds of information get incorporated into asset prices. It doesn't make claims about how markets organize production or optimize utility without centralized direction, which is usually what people mean when they say free markets are efficient.
I think a lot of confusion has arisen from the very general-sounding name of the hypothesis which does not reflect its relatively narrow claims. Not that I buy the EMH (no pun intended), but that's a different story.
Also what people mean when they say markets are efficient in other contexts means something very different. The EMH specifically describes how quickly and what kinds of information get incorporated into asset prices. It doesn't make claims about how markets organize production or optimize utility without centralized direction, which is usually what people mean when they say free markets are efficient.
I think a lot of confusion has arisen from the very general-sounding name of the hypothesis which does not reflect its relatively narrow claims. Not that I buy the EMH (no pun intended), but that's a different story.