Financial markets need to become less, not more, efficient. - Ha-Joon Chang

Thirdly and probably... a bit even more importantly, this crisis has made us think "What is really important?" ...[I[n the neoliberal system of thinking... that question doesn't even exist... because... in that system... something's value is... determined by the market. ...[T]his has been one of the key themes of the market economy where they have argued that there is no ethical system that can tell you what is more important and what is less important... [A]ll of these ideas about the that the Classical and Marxist economists have struggled with... are... nonsenses. If someone is that valuable, the market will make... sure... that person gets paid better... [W]hen progressive economists try to argue that there are some services that are essential, that are part of human rights... market economists... poo poo the idea. But now... the UK government is talking about key workers... the American government is talking about essential employees, and most of them are people who, in the market paradigm, were not very valuable... because these were people like—medical doctors are exceptions here—but... nurses... care home workers, people working in supermarkets, delivery people... people who have worked at very low wages, and therefore according to logical market economics... are not very valuable for society. But now we realize that without these people the society cannot be the same. We have also realized more broadly the importance of , unpaid care work and child care, household management, mostly done by women. These have been literally valued at zero because it's not marketed. Now we realize that without this care economy... product sector.., society cannot even exist...

History is on the side of the regulators.

[T]he realm of production... has been... neglected since the Neoclassical school... emphasis on exchange and consumption, became dominant in the 1960s. ...[P]roduction is a lot more than combining ...abstract quanta called labour and capital ...how the is physically organized, how to control the workers or deal with trade unions, how to... improve the technologies used through research. ...[P]roduction is the ultimate foundation of any economy. ...[Its] changes ...usually have been the most powerful sources of social change.