Economic orthodoxy is not ideological but the accumulated knowledge and experience of what tends to work best

Accusations that economic orthodoxy is driven by a cosy cabal of the Davos-attending global elite

It is not the slave of some defunct economist, but a constantly evolving body of thinking and experimenting in the real world. 

Far from every element of the “Washington consensus” — the economic orthodoxy of the 1990s — survived the Asian financial crisis in the latter part of that decade.

The lesson from 2010 to 2015, now accepted by the IMF, OECD and European Commission, is that there was a little too much focus on deficit reduction and austerity in the post-global financial crisis years. 

Chris Giles FT 29 September 2022

https://www.ft.com/content/f1f27816-b0ca-4b66-a8fe-cce74c3b0af2

Her Majesty’s question ("If these things were so large, how come everyone missed them?")

Chris Giles, FT, November 25 2008 

https://englundmacro.blogspot.com/2022/01/why-did-almost-nobody-see-inflation.html

What is the “Washington Consensus? Did it fail?

https://englundmacro.blogspot.com/2021/09/what-is-washington-consensus-did-it-fail.html