The lecture will focus on two related developments. First, for various reasons, market relations have become much more complex than they used to be. Asymmetry of information in market exchanges has become common and dominant. This asymmetry has questioned a basic assumption (stressed by economists, such as Hayek, Friedman and market fundamentalists), that the market does not require regulations, and that free exchanges are always welfare enhancing. Second, governmental intervention has become increasingly complex. This has opened possibilities for rent seeking and for abuses and has contributed to increasing inequality. The lecture will conclude with a plea for less complexity in public policies.
The Institute of Global Affairs (@LSEIGA) aims to maximise the impact of LSE's leading expertise across the social sciences by shaping inclusive and locally-rooted responses to the most important and pressing global challenges.
The Financial Markets Group Research Centre (@FMG_LSE) was established in 1987 at the LSE. The FMG is a leading centre in Europe for policy research into financial markets. It is the focal point of the LSE's research communication with the business, policy making and international finance communities. The FMG works alongside the Department of Finance to understand problems in financial markets and in the decision-making processes of corporations, banks and regulators.
The Systemic Risk Centre (@LSE_SRC) was set up to study the risks that may trigger the next financial crisis and to develop tools to help policymakers and financial institutions become better prepared.
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