“The fact that each nation came to believe in the virtue of whatever policy happened to be in effect when recovery began supports [the] argument that haphazard economic vacillations play an important role in determining which policy strategies become constructed as economically efficacious. This also tends to undermine the realist/utilitarian view, which suggests that policy improves over time as rational policymakers learn more about universal economic laws from experience, because wildly inconsistent policies won favor in different contexts.”

—  Frank Dobbin

Frank Dobbin (1993), "The Social Construction of the Great Depression: Industrial Policy during the 1930s in the United States, Britain and France," in: Theory and Society 22, p. 47; As cited in: Kieran Healy, "The new institutionalism and Irish social policy." Social Policy in Ireland: Principals, Practices and Problems. Oaktree Press, Dublin (1998).

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "The fact that each nation came to believe in the virtue of whatever policy happened to be in effect when recovery began…" by Frank Dobbin?
Frank Dobbin photo
Frank Dobbin4
American sociologist 1956

Related quotes

Ben Bernanke photo

“Economics is a highly sophisticated field of thought that is superb at explaining to policymakers precisely why the choices they made in the past were wrong. About the future, not so much. However, careful economic analysis does have one important benefit, which is that it can help kill ideas that are completely logically inconsistent or wildly at variance with the data. This insight covers at least 90 percent of proposed economic policies.”

Ben Bernanke (1953) American economist

The Ten Suggestions http://www.federalreserve.gov/newsevents/speech/bernanke20130602a.htm. Speech given at Baccalaureate Ceremony at Princeton University, Princeton, New Jersey, June 2, 2013.

Margaret Thatcher photo

“The Delors report is aimed at a federal Europe, a common currency and a common economic policy, which would take many economic policies, including fiscal policy, out of the hands of the House, and that is completely unacceptable. It would also require a treaty amendment, which we do not believe would ever be passed by the House because of the lack of sovereignty that it would imply.”

Margaret Thatcher (1925–2013) British stateswoman and politician

Prime Ministers&#x27; Questions (27 April 1989) https://api.parliament.uk/historic-hansard/commons/1989/apr/27/engagements#S6CV0151P0_19890427_HOC_126 <br class="br">Third term as Prime Minister

Thomas J. Sargent photo

“What policymakers (and econometricians) should recognize, then, is that societies face a meaningful set of choices about alternative economic policy regimes.”

Thomas J. Sargent (1943) American economist

"Rational expectations and the dynamics of hyperinflation." 1973

Barack Obama photo

“When it comes to our foreign policy, you seem to want to import the foreign policies of the 1980s, just like the social policies of the 1950s and the economic policies of the 1920s.”

Barack Obama (1961) 44th President of the United States of America

Third presidential debate http://abcnews.go.com/Politics/OTUS/presidential-debate-full-transcript/story?id=17538888, Lynn University, Boca Raton, Florida, , quoted in * 2012-10-22 <br class="br">The Winning Combination <br class="br">Editorial <br class="br">New York Sun <br class="br">http://www.nysun.com/editorials/the-winning-combination/88047/ <br class="br">2012-10-25 <br class="br">2012

“Fritz Nonnenbruch, the financial editor of the Voelkischer Beobachter, states: ‘There exists no law which binds the State. The state can do what it regards as necessary, because it has the authority…. The next stage of National-Socialist economic policy consists of replacing capitalist laws by policy.”

Günter Reimann (1904–2005) German economist

Source: The Vampire Economy: Doing Business Under Fascism, 2014, p. 13 (Fritz Nonnenbruch, Die Dynamische Wirtschaft (Munich, Centralverlag der N.S.D.A.P., 1936), pp. 114-119

“The economic policy issues that we debate today—trade policy, inflation, the proper role of government, the eradication of poverty, and the means of raising the rate of economic growth—have been discussed by economists for more than two centuries. Many of today’s economic policies—both the good ones and the bad—are the result of the ideas of those past economists. And many of today’s debates about economic policy can be understood only by those who have at least some familiarity with the ideas of earlier economists.
The giants of economic science during the past two hundred years have been men concerned with the critical policy issues of their time. They studied the working of the economy in order to advocate better economic policies. But despite their concern with policy, they were not polemicists or politicians but men who sought to persuade their contemporaries in government and in the broader public by analysis and evidence that would meet the standards of professional debate.”

Martin Feldstein (1939–2019) American economist

Martin Feldstein (1989), Foreword to New Ideas from Dead Economists by Todd Buchholz.

Amartya Sen photo

“That austerity is a counterproductive economic policy in a situation of economic recession can be seen, rightly, as a “Keynesian critique.” Keynes did argue—and persuasively—that to cut public expenditure when an economy has unused productive capacity as well as unemployment owing to a deficiency of effective demand would tend to have the effect of slowing down the economy further and increasing—rather than decreasing—unemployment. Keynes certainly deserves much credit for making that rather basic point clear even to policymakers, irrespective of their politics, and he also provided what I would call a sketch of a theory of explaining how all this can be nicely captured within a general understanding of economic interdependences between different activities… I am certainly supportive of this Keynesian argument, and also of Paul Krugman’s efforts in cogently developing and propagating this important perspective, and in questioning the policy of massive austerity in Europe.
But I would also argue that the unsuitability of the policy of austerity is only partly due to Keynesian reasons. Where we have to go well beyond Keynes is in asking what public expenditure is for—other than for just strengthening effective demand, no matter what its content. As it happens, European resistance to savage cuts in public services and to indiscriminate austerity is not based only, or primarily, on Keynesian reasoning. The resistance is based also on a constructive point about the importance of public services—a perspective that is of great economic as well as political interest in Europe.”

Amartya Sen (1933) Indian economist

Amartya Sen, "What Happened to Europe?", New Republic (August 2, 2012)
2010s

Jan Tinbergen photo

“The central question of economic policy is the question of the effectiveness of its various instruments.”

Jan Tinbergen (1903–1994) Dutch economist

Source: Income Distribution (1975), p. 53

Richard Rumelt photo

“I consider myself a mainstream researcher in the field of business policy, and the ideas I want to describe in this paper concern the foundations of a theory of business strategy that is rooted in economics. But is such a paper, whatever its merits, really appropriate at a conference entitled 'Non-traditional Approaches to Policy Research'? Surprisingly, it is. The use of economic theory to model and explicate business strategy, as it is understood within the field of business policy, is distinctly non-traditional.”

Richard Rumelt (1942) American economist

Source: "Towards a strategic theory of the firm." 1997, p. 131; Lead paragraph

John F. Kennedy photo

“For the road to world peace and freedom is still long, and there are burdens which only full partners can share — in supporting the common defense, in expanding world trade, in aligning our balance of payments, in aiding the emergent nations, in concerting political and economic policies, and in welcoming to our common effort other industrialized nations, notably Japan, whose remarkable economic and political development of the 1950's permits it now to play on the world scene a major constructive role.”

John F. Kennedy (1917–1963) 35th president of the United States of America

1963, Third State of the Union Address

Related topics