[EQ] Lessons from free-market economics

Winning Ideas: Lessons from free-market economics

 

Sabina Alkire and Angus Ritchie

OPHI WORKING PAPER No. 6

Oxford Poverty & Human Development Initiative, OPHI

Department of International Development - University of Oxford

OPHI with the support of the International Development Research Council (IDRC)

 

Available online as PDf file [13p.] at: http://www.ophi.org.uk/pubs/OPHI_Working_Paper_6.pdf

 

“…….For economic ideas to take root and change history, a number of ingredients need to be present, ranging from individual agents to policy implementation. This paper identifies certain strategic levers that underlay the success of free market economists in promoting their approach in academia, society, and government. How did these economists move from a marginalized position where they could not publish or receive tenure and where their students were not hired at other leading universities, to a position of dominance? In particular, it examines the impact of F.A. Hayek, and of such institutions as the Mont Pelerin Society, the Institute for Economic Affairs (IEA) in Britain, and the funding arrangements.

 

The paper draws on the wealth of secondary literature regarding the spread of free market economic ideas, particularly in the US, Latin America, and the UK, to identify five strategic activities and methods of transmission that were central to their advance, and will be relevant to others…..”

 

….The role of people is to keep ideas alive until a crisis occurs. It wasn’t my talking that caused people to embrace

these ideas, just as the rooster doesn’t make the sun rise. …..MILTON FRIEDMAN1

 

 

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