REFLECTIONS ON THE POLITICS OF THE ECONOMIC CRISIS FROM A POLICY PROCESS PERSPECTIVE
REFLECTIONS ON THE POLITICS OF THE ECONOMIC CRISIS FROM A POLICY PROCESS PERSPECTIVE

Summary/Abstract: This article uses the paradigm shift theory to explore responses to the contemporary financial crisis. It comes to two conclusions, one conceptual, and the other substantive. It shows that it is difficult to use the paradigm shift theory to analyse events where policy change is slow, and in many respects a judgment about whether a shift has occurred is only possible retrospectively. It is suggested, however, that the notion of paradigm shift helps to explain responses to a crisis in which there are problems about the applicability of conventional economic ideas, but strong reasons why changing them is likely to be resisted.

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