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.


Ch. 2 : Financial Markets: Efficiency, Stability, and Income Distribution - Economics after the crisis : objectives and means (2012)

Adair Turner Quotes

In rich economies, stability matters a lot; small further increases in allocative efficiency matter less. Thus, policy should be heavily focused on...

In rich economies, stability matters a lot; small further increases in allocative efficiency matter less. Thus, policy should be heavily focused on...

In rich economies, stability matters a lot; small further increases in allocative efficiency matter less. Thus, policy should be heavily focused on...

In rich economies, stability matters a lot; small further increases in allocative efficiency matter less. Thus, policy should be heavily focused on...