Adair Turner

"Imperfect markets are different. Similarly, in Paul Krugman’s neat adaptation, “all perfect markets are perfect in the same way: all imperfect markets imperfect in their own different way.” But truly …"

"Economists should study financial markets as they actually operate, not as they assume them to operate—observing the way in which information is actually processed, observing the serial correlations, …"

"The proposition that markets drive economic efficiency is central to much of economics. Adam Smith illustrated that the “invisible hand” of the market drives efficient allocation of resources in a sys…"

"In sum, therefore, many of the assumptions and analytical frameworks that underpin the instrumental argument for free markets and inequality are either invalid or much weaker than is commonly supposed…"

"Economic history matters. Students of economics should read Charles MacKay and Charles Kindleberger, and should study the history of the Wall Street Crash as well as the theory and the mathematics req…"

"In rich economies, stability matters a lot; small further increases in allocative efficiency matter less. Thus, policy should be heavily focused on ensuring macroeconomic and financial stability and v…"

"In the second half of the twentieth century, the idea became increas ingly dominant that attaining a superior growth rate and thus increased prosperity should be the central objective of public policy…"