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Recommendations

In: Why Reaganomics and Keynesian Economics Failed

Author

Listed:
  • James E. Sawyer

    (Seattle University)

Abstract

Once again laissez-faire has come to crisis. It no longer works appropriately because the world has changed since the eighteenth century, which then was more compatible with Adam Smith’s vision of natural law. Most aspects of capitalism still work, or can be made to work. These include the private ownership of capital, and the institution of the unregulated (or partially regulated) market for the allocation of current output and resources. But the aspect of doctrinaire capitalism which has become inoperative, specifically, is the ability of market economies to make choices affecting the future. Now the allocation of output and resources for the future must be governed through non-market collective choice.

Suggested Citation

  • James E. Sawyer, 1987. "Recommendations," Palgrave Macmillan Books, in: Why Reaganomics and Keynesian Economics Failed, chapter 12, pages 179-184, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-09497-4_12
    DOI: 10.1007/978-1-349-09497-4_12
    as

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