Myron Scholes Forum, May 9, 2016
Lord Adair Turner, Chairman of the Institute for New Economic Thinking
Why has the financial crisis of 2008 cast such a long shadow, with global economic recovery so slow and weak? Why is global nominal demand growth anemic despite interest rates stuck close to zero? To understand why, Lord Adair Turner argued, we need to return to fundamental issues about the nature of money and debt, which pre-crisis neoclassical economics dangerously ignored.