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• W2150416609 abstract "These two quotes may be seen as bookends to the bubble economy of the last decade or so. They indicate the Federal Reserve's reluctance to inhibit the irrational exuberance of investors at the beginning and its alarm that, after the fact, market forces had allowed two successive bubbles to happen at all. This faith in the judgment of the market and self-interest of bankers as a self-regulating force is referred to as market fundamentalism in this essay. Market fundamentalism, I argue, is poorly suited to diagnose or prescribe a remedy for bubbles. I argue further that it is market funda mentalism that underlies the Fed's role in inflating the bubble economy and its reluctance to restrain it. My goal is to explore how such an ideology was adopted and the confluence of ideas, interests and events that explain its adoption. The underlying premise of the essay is institutional, i.e. that organizations are constituted by the narratives, logics of action and ideologies that exist in a particular field (Phillips et al., 2004). My argument relies on work in organizational and historical institutionalism that shows how economic and managerial theories come to be adopted in both private and public sector policy-making (Campbell, 1998; Guillen, 1994; Flail, 1989; Weir and Skocpol, 1985). Following Campbell (1998), the argument shows how an idea, in this case market fundamentalism, can both constrain and enable the policy-making process. Although this argument has echoes of Keynes's famous obser vation that policy-makers 'are often the slaves of some defunct economist' (Keynes, 1936: 383), it does not grant sole influence to talented academics and their ideas. Rather, it explores how the choice of ideas adopted may be affected also by the nature of national political discourse, the receptiveness of state structures and the goals of ruling political parties. These institutional pres sures, when taken together, help to explain why a bubble economy may still occur despite the existence of the knowledge and organizational capacity needed to inhibit it. This essay is organized around three questions: What do we know about speculative bubbles? Why do they still occur? Can they be managed? Before proceeding to explore the latter two ques tions, however, 1 introduce various analytic perspectives that have been used to explain speculative bubbles. For our purposes, bubbles will be defined simply as a condition in which 'prices are high..." @default.
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• W2150416609 date "2010-02-01" @default.
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• W2150416609 title "Can speculative bubbles be managed? An institutional approach" @default.
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• W2150416609 doi "https://doi.org/10.1177/1476127009355855" @default.
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