economic rationalism
"Economic rationalism" is a policy approach that stresses the efficiency of market mechanisms and minimal government intervention, commonly associated with neoliberalism and laissez-faire economics.
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Definition
C1Economic Policy
(technical, academic, chiefly Australia)An approach that promotes market efficiency, minimal government intervention, and policies like tax cuts and deregulation.
Example
- The government's adoption of economic rationalism led to significant privatization and deregulation.
C1Public and Private Sector Decision-Making
(technical, academic)A principle where cost-benefit analysis and financial gain are prioritized in resource allocation and decision processes.
Example
- Economic rationalism often drives corporations to outsource labor to reduce costs.
Similar
Terms that have similar or relatively close meanings to "economic rationalism":