This open panel will explore the political economy of (economic) ideational innovation in the context of the 2008 economic and financial crisis and the identified choice to be made between austerity and stimulus. The objective is to evaluate the adequacy of ideational innovation systems that enable traditional ideas to persist in the face of serious challenges to their authority posed by events such as the recent economic crisis. We note that both states, private actors and non-governmental organizations have been active in these processes. However, the recent trend has been to reduce public capacity leading to a laissez-faire or marketplace for new ideas approach.