Adair Turner

“If all markets could be made perfect, and all human beings made rational, then more financial contracts, more trading, more liquidity, and more price discovery would indeed bring us closer to an efficient competitive equilibrium in which all resources would be allocated as efficiently as possible. But in the real world of inherently imperfect markets, imperfect information, and of human beings part rational and part not, market completion and increased liquidity can have negative effects.”
― Adair Turner, Between Debt and the Devil: Money, Credit, and Fixing Global Finance

“Finally I aim to identify why mainstream modern economics failed to see the crisis coming, and why it so confidently asserted that increasing financial activity had made the world a safer place. To do that, we need to return to the insights about credit, money, and banks on which an earlier generation of economists focused, but which modern economics has largely ignored.”
― Adair Turner, Between Debt and the Devil: Money, Credit, and Fixing Global Finance