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Homo Oeconomicus Returns: Neoliberalism, Socio-Political Uncertainty and Economic Policy

Abstract: The aim of this paper is to discuss how neoliberal policy is changing the way people conceive of the economy and of society. After a brief outline of the main features of neoliberal policies, it argues that neoliberalism does not consist in a mere set of wrong economic theories or in the plain reflection of vested interests. It is a full-fledged view of how society should be organized. The paper then argues that these policies and the ideology that backs them up determine major institutional changes which affect economic, social and polity-related variables but also the general understanding that peo-ple have of the economy and of society. More specifically, it enhances uncertainty about one’s future and favors a non-solidaristic view of social relations. These changes tend to prejudge the effectiveness of employment policies and to reinforce the neolib-eral consensus. The conclusion is that it is not possible to conceive of an appropriate macroeconomic policy unless institutional changes are taken into account that trans-cend macroeconomics as such and re-establish the social underpinnings for that policy. These include changes in how the economy is coordinated but also changes in the bar-gaining power of workers and citizens relative to business.