Economists should study financial markets as they actually … - Adair Turner, Baron Turner of Ecchinswell

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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, bonanzas, and sudden stops, not assuming these away as noise around the edges of efficient and rational markets.

Adair Turner, Baron Turner of Ecchinswell

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About Adair Turner, Baron Turner of Ecchinswell

Jonathan Adair Turner, Baron Turner of Ecchinswell (born 5 October 1955, Ipswich) is a British businessman, academic, a member of the UK's Financial Policy Committee, and was Chairman of the Financial Services Authority until its abolition in March 2013. He is the former Chairman of the Pensions Commission and the Committee on Climate Change.

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Alternative Names: Jonathan Adair Turner • Adair Turner • Jonathan Adair Turner, Baron Turner of Ecchinswell • J. Adair Turner • Lord Adair Turner • Lord J. Adair Turner

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Originators like Adair Turner, Baron Turner of Ecchinswell:

Joseph E. Stiglitz Paul Ormerod Paul Krugman Steve Keen Paul Samuelson

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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.

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 very wary of financial innovation if it carries with it any risk of increased instability.

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.

Economists should study financial markets as they actually operate, not as they assume them to operate—observing the way in which information is actu… - Adair Turner, Baron Turner of Ecchinswell

About Adair Turner, Baron Turner of Ecchinswell

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