A noted economist challenges the fundamental economic assumptions that cast economic growth as the objective and markets as the universally applicable means of achieving it.
The global economic crisis of 2008-2009 seemed a crisis not just of economic performance but also of the system's underlying political ideology and economic theory. But a second Great Depression was averted, and the radical shift to New Deal-like economic policies predicted by some never took place. Perhaps the correct response to the crisis is simply careful management of the macroeconomic challenges as we recover, combined with reform of financial regulation to prevent a recurrence. In Economics After the Crisis, Adair Turner offers a strong counterargument to this somewhat complacent view. The crisis of 2008-2009, he writes, should prompt a wide set of challenges to economic and political assumptions and to economic theory.
Turner argues that more rapid growth should not be the overriding objective for rich developed countries, that inequality should concern us, that the pre-crisis confidence in financial markets as the means of pursuing objectives was profoundly misplaced.
Publisher: MIT Press Ltd
Number of pages: 128
Weight: 340 g
Dimensions: 229 x 152 x 16 mm
...With this book, Turner has proved that Britain still produces thinkers who combine ideas with practical experience.
Adair Turner is the jewel in the crown of British public servants. He is one of a tiny minority in public life today capable of thinking and acting at the highest level. Economics After the Crisis, based on three lectures he delivered at the London School of Economics in 2010, is a thinking person's delight, not least for the clear and lucid way in which Turner sets out his arguments.
-Robert Skidelsky, The Times Literary Supplement