Support of Economic Rationalism
Supporters of economic rationalism have presented two kinds of responses to criticisms such as those quoted above. Some have denied that such criticisms are accurate, claiming that the term "economic rationalism" merely refers to rational policy formulation based on sound economic analysis, and does not preclude government intervention aimed at correcting market failure, income redistribution and so on.
Others have accepted the accuracy of the description, but have argued that the adoption of radical free-market policies is both inevitable and desirable. Another statement by Margaret Thatcher "there is no alternative" is frequently cited in this context.
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