A Non-Random Walk Through Financial Innovation: Four Titans Explain How It Occurs [Archive.org URL]

In 1986 Merton Miller, a Chicago economist and an eventual Nobel laureate in economic sciences, asked if any 20-year period in history had resulted in a tenth as much financial innovation as the previous two-decade span. His own answer was a resounding ‘no’. He then went on to argue that innovation was flagging. Four titans from that period addressed Miller’s question at the Milken Institute’s annual conference in Los Angeles. The panel on financial innovation included Michael Milken, Lewis Ranieri, Richard Sandor and Myron Scholes.

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