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I need some assistance with these assignment. the ideology of economic rationalism Thank you in advance for the help! Despite the rejection and dismissal of this concept by senior academics and social philosophers, it remains to be a popular ideology amongst modern politicians who aim for liberalism, and thus they seek evidence to justify their shaky stance. Strong criticism has been levied against the theory of economic rationalism because it creates market failure, income and wealth gaps, regional disparities, and furthermore, the important institutions such as education have been submitted to the authority of capitalists for profit generation, converting these intrinsic valuables into revenue-creating business identities. However, economic rationalism, with its theory and practicality, has now been embedded into the economic structure and is difficult to extricate from the complex and intricate structure of the economies today.

The term ‘economic rationalism’ was coined by the sociologist Michael Pusey in his work Economic Rationalism in Canberra, in the year 1991. The purpose behind this creation was the desire to give an apt name to the Government and economic management of Australia which prevailed at that time. It pertains to the idea of increasing efficiency by the maximum involvement of the free market system. The concept behind the term refers to the thought of the rationalists that the Government should limit its intervention in the market as much as possible. This is highly debatable since it entails that the State should not provide for public goods and facilities, but on the contrary, it should ignore the market failure that would become inherent in the system, and renounce their duty to remove or reduce the income disparity which exists in the economy. The main aim of this concept is the creation of wealth in the long-run (Wright, 2003, Preface). The alternate term for this political ideology ‘economic rationalism’ is ‘market liberalism’ (Nevile, 1997, 7). This ideology however only ruled till the time of the Great Depression, for then it became obvious that it worsened rather than rectifying the economic debacle (Gosden, 1996, 1).