Theory -- Introduction - capitalism as gestalt : a contrast of visions / Robert Heilbroner -- Supply-side economics : incentives and disasters / Rosemary Rinder -- Monetarism : conservative policy and monetary theory / Edward Nell & Alex Azarchs -- Rational expectations : radical assumptions and conservative conclusions -- Expectations and rationality within a captalist framework / Jan Kregel -- The microfoundations of the short-run Phillips curve / Bob Cherry, Pat Clawson & James Dean -- Rational expectations and imperfect knowledge / Jagdish Handa -- Social policy : private reactions to public decisions / Edward Nell -- Practice -- The politics of Reaganomics / Teresa Amott -- Thatcherism : the miracle that never happened / Geoff Hodgson -- Supply-side economics in a small ecomony : the Chilean case / Antonio Schneider -- Conclusions - cowboy capitalism : the last round-up / Edward Nell
Summary
This important new 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