Public policy for business and the economy Ideological dissensus,change and consensus

A substantial literature shows that ideology, often describable on a conservative-liberal spectrum, is a significant independent variable influencing the formulation of public policy. The 1960s–1990s are frequently depicted as decades of ideological tumult. However, analysis of the editorials of major publications shows that substantial agreement existed on public policy directions for business and the economy throughout most of these years. Furthermore, in some policy areas initial dissensus was followed by significant movement toward consensus. A theory presented here based on the concepts of successful market operation, market misbehavior, and market breakdown explains in large part the reasons for this long term policy consensus as well as movement from dissensus to consensus.