Andrew Baker (2014): Varieties of Economic Crisis, Varieties of Ideational Change: How and Why Financial Regulation and Macroeconomic Policy Differ, New Political Economy
http://dx.doi.org/10.1080/13563467.2014.951431
When the above article was first published online, the abstract was erroneously captured as the first paragraph of the article's Introduction.
“A principal task facing post-crash academic political economy is to analyse patterns of ideational change and the conditions that produce such change. This article focuses on changes in economic ideas and understandings, by examining some of the conditions which shape and make shifts in economic understandings and paradigms possible and feasible. It is argued that existing ideas' degree of vulnerability is partially accounted for by the variety or type of economic crisis that unfolds. The article explores how the dynamics of policy and ideational change differ in the areas of financial regulation and macroeconomic policy. Evidence from the recent financial crash in relation to the rapid intellectual shift to macroprudential regulation is contrasted with the relative inertia in contemporary macroeconomic policy. The macroprudential ideational shift is contrasted with the demise of Keynesian macroeconomic policy-making in Britain in the 1970s. Peter Hall's three orders of change are employed to show how the sequences and causes of change differ between the cases of macroeconomic policy and financial regulation.”
This has now been corrected in the online and print version.
Taylor & Francis apologises for this error.