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et-oriented reform within the Australian Labor Party, whose position was closer to what has become known as the '[[Third Way (centrism)|Third Wain criticism of free-market economic policies as amoral or asocial. In this context, it may be summarised as "the view that commercial activity... represents a sphere of activity in which moral considerations, beyond the rule of business probity dictated by enlightened self-interest, have no role to play" (Quiggin 1997).

The well-known statement of Margaret Thatcher, "There is no such thing as society. There are individuals, and there are families," is often quoted in that context, but the interpretation of that statement is disputed.

Support

Supporters of economic rationalism have presented two kinds of responses to criticisms such as those quoted above. Some have denied that such criticisms are accurate and claim that the term refers only to rational policy formulation based on sound economic analysis, and it does not preclude government intervention aimed at correcting market failure, income redistribution etc.

Others have accepted the accuracy of the description but have argued that the adoption of radical free-market policies is both inevitable and desirable. Another statement by Thatcher, "there is no alternative", is frequently cited in that context.

See also

• Blairism
• Bob Hawke
• Hawke Government
• Economic liberalism
• Paul Keating
• Keating Government
• Rogernomics
• Third Way
• Thatcherism

References

1. Economic rationalism, by John Quiggin, Professor of Economics, James Cook University, Published as: Quiggin, J. (1997), 'Economic rationalism', Crossings, 2(1), 3-12.
2. http://www.publicbookshelf.com/public_html/Outline_of_Great_Books_Volume_I/economicr_cca.html
3. http://michaelpusey.com.au/
4. The Protestant Ethic and the Spirit of Capitalism by Max Weber

• Macroeconomic policy