In this short (96 pages excluding introduction) book, Lord Turner sets forth three major arguments in three chapters: 1) Contrary to conventional economic understanding, increases in economic growth beyond some level of per capita GDP will not necessarily produce meaningful increases in welfare or happiness; 2) Some forms of increased market liberalization (especially in financial markets) does not produce greater efficiency and instead can create unjustifiable instability and inequality; 3) The field of economics should move from simplified models that do not reflect reality and instead become a moral science that incorporates lessons from history, politics, and philosophy.
These arguments include a number of nuanced qualifiers but a highly simplified, one sentence summary of his conclusion would be: "In advanced economies, because of the decreased marginal gains in utility from increased economic growth, and because of the large decreases in utility from sharp recessions, markets should be regulated to provide stability and equality rather than be left free to pursue growth as the ultimate end of economic activity." Proponents of lightly regulated free markets will likely disagree with most of this book, but I think they will find Turner's efforts scholarly, well-thought out, and fairly presented. Turner relies heavily on the work of others, and even if a reader is not impressed with this book, there are several studies and books cited that may lead to works that otherwise would not have been encountered because many of those sources are from British authors not normally cited in U.S. books on economics.
There are a few downsides to note. The price is somewhat high for such a short book. Because so much of the argument builds from the early assumption of decreasing marginal gains from prosperity, if a reader disagrees with this assumption then reading until the end of the book may not be worthwhile. Turner admits that he has no answers or suggestions for how to recapture growth following economic recessions, an admission that makes the title a bit misleading. There are also a few moments of carelessness that can be distracting. For example the word "gtowth" appears in place of "growth" three times on page 1. The same quote from Keynes ("slaves of some defunct economist") is used at least three times which is a lot for a book of only 96 pages. Other than these minor errors, the book is very well-written and deserving of a read from even those hostile to its arguments. 4 1/4 stars.