In rich economies, stability matters a lot; small further increases in allocative efficiency matter less. Thus, policy should be heavily focused on ensuring macroeconomic and financial stability and very wary of financial innovation if it carries with it any risk of increased instability. (Adair Turner, Baron Turner of Ecchinswell)

In rich economies, stability matters a lot; small further increases in allocative efficiency matter less. Thus, policy should be heavily focused on ensuring macroeconomic and financial stability and very wary of financial innovation if it carries with it any risk of increased instability.

Adair Turner, Baron Turner of Ecchinswell

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efficiency innovation instability less matter policy rich risk should small stability thus

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