"Structurally deficient nominal demand could arise if desired savings exceed desired investment, and forces at work in modern economies may make that imbalance inevitable."
"At the core of macroeconomic instability in modern economies lies the interaction between the limitless capacity of unconstrained private and shadow banking systems to create credit, money and purchasing power, and the inelastic supply and rising demand for locationally specific urban land. Most modern macroeconomics has failed to focus on this interaction. This is in large part because it was uninterested in the empirical reality of what banks actually do." - Adair Turner
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