Revista de Economia Política 8(3), julho-setembro 1988: 5-21.
Since World War II the importance of economic policy did not stop increasing. Even conservative economists do not deny its relevance. But its economic and political limits are very clear, beginning with a basic limit: the principle of rationality. Economic policy should follow the rationality principle, but ideological constraints in the right and the left, and the limitations of economic theory make such rationality problematic. The author discusses these limits using his personal experience.