Economics, like many disciplines, is hierarchical. But unlike experimental sciences, where existing orthodoxies are regularly challenged and overturned by experiment, economic ideas can be maintained by doctrine. It might be argued that this is a necessary component of a non-experimental science. But the events of the 2008 great recession have led to a widespread perception that the existing dominant approach, DSGE and New Keynesian economics, is broken and it is time for a major shift in knowledge practices. Policy makers have been experimenting in an improvised fashion with new kinds of measures, but changes in dominant forms of knowledge have been slow to emerge. We would like to reflect on why this is and how we might intervene in cultures of expertise and social networks to change this.

Economics, like many disciplines, is hierarchical. But unlike experimental sciences, where existing orthodoxies are regularly challenged and overturned by experiment, economic ideas can be maintained by doctrine. It might be argued that this is a necessary component of a non-experimental science. But the events of the 2008 great recession have led to widespread perception that the existing dominant approach, DSGE and New Keynesian economics, is broken and it is time for a major shift in knowledge practices. Policy makers have been experimenting in an improvised fashion with new kinds of measures, but changes in dominant forms of knowledge have been slow to emerge. We would like to reflect on why this is and how we might intervene in cultures of expertise and social networks to change this.

Please find the full Background Note – Here.

Please find the Summary Note – Coming Soon.

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