Just a quick post to say that I very much enjoyed the recent three-part Lionel Robbins Memorial Lectures delivered by Adair Turner at the LSE:

Part 1 – Economic Growth, Human Welfare and Inequality

Part 2 – Market Efficiency and Rationality: Why Financial Markets are Different

Part 3- Economic Freedom and Public Policy: Economics as a Moral Discipline

Turner describes the “instrumental conventional wisdom” that human happiness is maximised through economic growth as measured by real GDP per capita, which in turn is best achieved by ensuring allocative efficiency, which is delivered by unrestrained free markets. He challenges every link in this chain, but does so from the perspective of someone who genuinely understands the arguments he’s rebutting.

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