Book Cover; Title01; Copyright01; Title02; Copyright02; Contents; List of Contributors; Acknowledgements; 1 Introduction -- Capitalism as Gestalt: A Contrast of Visions; Part I: Theory; 2 Supply-Side Economics: Incentives and Disasters; 3 Monetarism: Conservative Policy and Monetary Theory; 4 Rational Expectations: Radical Assumptions and Conservative Conclusions; 5 Social Policy: Private Reactions to Public Decisions; Part II: Practice; 6 The Politics of Reaganomics; 7 Thatcherism: The Miracle That Never Happened; 8 Supply-Side Economics in a Small Economy: The Chilean Case.
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First published in 1984, this book carefully dissects and convincingly demonstrates that conservative economics is incoherent in theory and disastrous in practice. The three main schools of thought supporting "free-market" policies - supply side economics, monetarism and rational expectations - are examined in turn and each is found defective. Three case studies of conservative policy in action follow: Reagan's U.S., Thatcher's U.K. and Pinochet's Chile and their courses are charted in depth. In addition, Robert Heilbroner and Edward Nell analyse economic conservatism's ideology and.