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Expert Policy Analysis and Bureaucratic Politics: Searching for the Causes of the 1987 Stock Market Crash
Author(s) -
HEADRICK THOMAS E.
Publication year - 1992
Publication title -
law and policy
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.534
H-Index - 45
eISSN - 1467-9930
pISSN - 0265-8240
DOI - 10.1111/j.1467-9930.1992.tb00088.x
Subject(s) - crash , bureaucracy , politics , odds , stock market crash , stock market , government (linguistics) , political science , stock (firearms) , public administration , economics , public economics , engineering , law , logistic regression , computer science , geography , mechanical engineering , linguistics , context (archaeology) , philosophy , archaeology , machine learning , programming language
Shortly after the 1987 stock market crash four government agencies published studies analyzing the causes of the crash. Their analyses and explanations were at odds with each other. This article explores how weak theory, the methodological variations, and problem definition fed the political orientations of the agencies and shaped the agencies' analyses. Basically it shows how sophisticated policy analysis can serve political and bureaucratic ends.