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Concensus, Dissensus and Economic Ideas: The Rise and Fall of Keynesianism During the Economic Crisis

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  • Farrell, Henry
  • Quiggin, John

Abstract

We provide a very different way to think about how consensus may arise. We deliberately skimp on the micro-processes of persuasion usually emphasized in constructivist accounts, instead highlighting the structural aspects of the cross-national networks through which experts communicate with each other. Specifically, we treat the spread of ideas within the relevant community of experts as a process of contagion, similar in many respects to the spread of an infectious disease. We also examine how such processes may lead to expert dissensus as well as consensus, and how this affects the power of ideas. If ideational consensus plays a key role in underpinning global financial orders, then we need to understand how such consensuses are generated, maintained and challenged. If we wish to understand the current politics of non-consensus, we need to move beyond the existing literature to evaluate the consequences of dissensus for economic order. We provide an account that does both, and, more speculatively, draws general conclusions about the consequences of ideas for international economic orders.

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Bibliographic Info

Paper provided by University of Queensland, School of Economics in its series Risk and Sustainable Management Group Working Papers with number 151527.

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Date of creation: 09 Dec 2011
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Handle: RePEc:ags:uqsers:151527

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Related research

Keywords: Keynesianism; Global Financial Crisis; Financial Economics; Public Economics; E5;

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  1. Ana Rute Cardoso & Paulo Guimarães & Klaus F. Zimmermann, 2010. "Trends in economic research: An international perspective," UFAE and IAE Working Papers 832.10, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
  2. Alberto F. Alesina & Silvia Ardagna, 2009. "Large Changes in Fiscal Policy: Taxes Versus Spending," NBER Working Papers 15438, National Bureau of Economic Research, Inc.
  3. N. Gregory Mankiw, 2006. "The Macroeconomist as Scientist and Engineer," NBER Working Papers 12349, National Bureau of Economic Research, Inc.
  4. Ruggie, John Gerard, 1982. "International regimes, transactions, and change: embedded liberalism in the postwar economic order," International Organization, Cambridge University Press, vol. 36(02), pages 379-415, March.
  5. Giovanni Dell'Ariccia & Olivier J. Blanchard & Paolo Mauro, 2010. "Rethinking Macroeconomic Policy," IMF Staff Position Notes 2010/03, International Monetary Fund.
  6. Alan S. Blinder, 2004. "The Case Against the Case Against Discretionary Fiscal Policy," Working Papers 102, Princeton University, Department of Economics, Center for Economic Policy Studies..
  7. Carpenter, R. Charli, 2007. "Studying Issue (Non)-Adoption in Transnational Advocacy Networks," International Organization, Cambridge University Press, vol. 61(03), pages 643-667, July.
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