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Thinking like an Economist - How Efficiency Replaced Equality in U.S. Public Policy (Hardcover)
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Thinking like an Economist - How Efficiency Replaced Equality in U.S. Public Policy (Hardcover)
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The story of how economic reasoning came to dominate Washington
between the 1960s and 1980s-and why it continues to constrain
progressive ambitions today For decades, Democratic politicians
have frustrated progressives by tinkering around the margins of
policy while shying away from truly ambitious change. What happened
to bold political vision on the left, and what shrunk the very
horizons of possibility? In Thinking like an Economist, Elizabeth
Popp Berman tells the story of how a distinctive way of thinking-an
"economic style of reasoning"-became dominant in Washington between
the 1960s and the 1980s and how it continues to dramatically narrow
debates over public policy today. Introduced by liberal technocrats
who hoped to improve government, this way of thinking was grounded
in economics but also transformed law and policy. At its core was
an economic understanding of efficiency, and its advocates often
found themselves allied with Republicans and in conflict with
liberal Democrats who argued for rights, equality, and limits on
corporate power. By the Carter administration, economic reasoning
had spread throughout government policy and laws affecting poverty,
healthcare, antitrust, transportation, and the environment. Fearing
waste and overspending, liberals reined in their ambitions for
decades to come, even as Reagan and his Republican successors
argued for economic efficiency only when it helped their own goals.
A compelling account that illuminates what brought American
politics to its current state, Thinking like an Economist also
offers critical lessons for the future. With the political left
resurgent today, Democrats seem poised to break with the past-but
doing so will require abandoning the shibboleth of economic
efficiency and successfully advocating new ways of thinking about
policy.
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