How do new ideas become commonly accepted wisdom?


I recently attended one of Kate’s talks.
I was really surprised and concerned to hear how economics studies still focus on outdated models based on Keynes and Hayek.

I was wondering what it is about this ideas in particular or the context in which they became the preferred formula for running society.

What was it about the times or the people themselves that led governments to apply these ideas.
More importantly, why is it so difficult to upgrade economics courses and political approach to modern times with new ideas?

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The criterion as to whether a past model or theory is still viable has not yet been decided because there are so many conflicting schools of economics thought. So what we need is a better way of expressing the theory that we can be sure is right and good for all time. Surely the way towards reaching this goal is by logic and science and not by intuition and political bias? That is why my scientific approach has the best chance of meeting this criterion for a better understanding about our social system. It also suggests that the doughnut approach is no better than the other old ways and schools of thought–we really do need more science and logic and less emotional thinking!


My science in macroeconomics has been expressed in my research which after more than 20 years has culminated in a 310 page book which is in the form of an e-copy. Its title is “Consequential Macroeconomics–Rationalizing About How Our Social System Works” . It is on Amazon for those who want a hard copy, but to see the electronic version, just write to me at and as an interested (economics) party, I will send you a copy for free!


I watched this 25min youtube video the other day. It had a succinct timeline of how the neo liberal paradigm became ‘commonly accepted wisdom’ between the 1930s and the 1970s!!

"Nick Srnicek, co-author of ‘Inventing the Future: Postcapitalism and a World Without Work’, spoke at the launch of new left think tank Economic and Social Research Aotearoa (ESRA).
Nick’s keynote talk explains the role think tanks have played historically in the development of neoliberal politics. He goes on to explore the role that left think tanks like ESRA can play in developing a post-capitalist politics for today.

Nick is a lecturer at City University London. He is the author of Platform Capitalism (Polity, 2016), Inventing the Future: Postcapitalism and a World WIthout Work (Verso, 2015 with Alex Williams), and is currently writing After Work: What’s Left and Who Cares? (Verso, forthcoming, with Helen Hester).


I would recommend reading one of Thomas Friedman’s books,like " Hot, Flat and Crowded". This gives a great history of how business, the economy and the environment have evolved. This read will give you a really good perspective as to why an economic model from years past can no longer be sustained, and how it seemed to happen to us so fast.