2015-16 IGM Year in Review

15 Instability in a Monetary Economy MAY 9, 2016 LORD ADAIR TURNER Chair of the Institute for New Economic Thinking and former Chair of the UK Financial Services Authority (2008–13) 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 precrisis neoclassical economics dangerously ignored.