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from Part III - The Period after the 1970s
Published online by Cambridge University Press: 07 December 2023
This chapter covers: the growing importance of Chicago School of Economics and of School of Public Choice; the work of F. Hayek; individual rights and individual freedom are seen as being more important than community rights and goals; privatization of Public Private Partnerships and of pensions; laziness is associated with unemployment, and social assistance is discouraged; marginal tax rates begin to be reduced; differentiations in compensations for work increases; Gini coefficients begin to rise; welfare beneficiaries are seen as lazy individuals who wish to live at the expense of hard-working and tax paying individuals; free markets are seen as a miracle drug; many conservative economists receive Nobel Prizes; the social landscape experiences a dramatic change in the 1980s in a rightward direction; fiscal stabilization policy loses influence; monetary policy becomes more important; and there is a return to pre-Keynesian times.
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