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Economics after the Crisis: Market Efficiency and Rationality: Why Financial Markets are Different

Lionel Robbins Memorial Lectures

Lord Turner will deliver the 2010 Lionel Robbins Memorial Lecture Series, running for three consecutive evenings (11/12/13 October).

Amid the financial crash there was much talk of a crisis of capitalism and the need for a revolution in economics. Two years on much work is in hand to reform global financial regulation, but it is not clear that the crisis will produce change as radical as initially supposed. Adair Turner will argue, however, that the crisis should provoke us to think deeply about the conventional wisdom of the last several decades in which economic growth maximisation is the clear objective of economic policy, and market liberalisation, including in financial markets, the universally applicable means. Against this instrumental justification of markets and resulting inequality, Adair Turner will advance a case for economic freedom as an end in itself but one which needs to be balanced with other desirable ends. This implies the need for the discipline of economics to consider a wide range of behavioural, historical and philosophical issues, eschewing a narrow focus on mathematical precision. Lord Turner will contrast his conclusions with those Lionel Robbins reached in his famous 1932 "Essay on the Nature and Significance of Economic Science".

Adair Turner is chairman of the Financial Services Authority, the Climate Change Committee and the Overseas Development Institute. He is also chair of the Working Party of the G20 Financial Stability Board reporting to the G20 Summit in November 2010 and a visiting professor at LSE.


Chair: Lord Turner | talks


Date and Time:

12 October 2010 at 6:30 pm


1 hour 30 minutes



Old Theatre
Old Building
London School of Economics and Political Science

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Organised by:

London School of Economics & Political Science
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