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Economic Rationalism is loosely aligned to running a country as though it is a business. Inspired by powerful business interests that were strongly opposed to what they saw as government excess and inefficiency, economic rationalism set about rationalising government institutions.
Economic rationalism is an Australian term often used in the discussion of macroeconomic policy, applicable to the economic policy of many governments around the world, in particular during the 1980s and 1990s.
Economic rationalism as unemployment. 1. Introduction. Future economic historians will note three major themes in economic policy in Australia in the last quarter of the 20th century. They are: deregulation of the financial system, privatisation, and microeconomic reform.
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The advocates of economic rationalism wanted to reduce direct government intervention in the economy with the aim of increasing the role that markets, economic competition, and prices could play.
The term economic rationalism is one of political categorisation, commendation and criticism. Although economic rationalist thought and policy were part of a broader international trend, the term itself represents a particularly Australian contribution to political rhetoric.
Sep 3, 2014 · The main purpose of this paper is to demonstrate how economic rationalism has attempted to transcend the moral or ethical issues that are an inherent part of the social sciences and humanities.
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Collins Dictionary defines economic rationalism as “an economic policy based on the supposed efficiency of market forces, characterized by minimal government intervention, tax cuts, privatization, and deregulation of labour markets.”
