The conflict between conservatives and liberals over public economic policy appears to have become a permanent feature of the American political landscape. Conservatives seek economic solutions with the market as virtually the sole organizing economic principle, invoking individualism inspired by the Declaration of Independence's right to the pursuit of happiness. Liberals look to an important economic role for a federal government established by the Constitution to promote the general welfare. In addition to the disagreement among the political class, there is also no agreement among...

The conflict between conservatives and liberals over public economic policy appears to have become a permanent feature of the American political landscape. Conservatives seek economic solutions with the market as virtually the sole organizing economic principle, invoking individualism inspired by the Declaration of Independence's right to the pursuit of happiness. Liberals look to an important economic role for a federal government established by the Constitution to promote the general welfare. In addition to the disagreement among the political class, there is also no agreement among...