The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist."

- John Maynard Keynes (The General Theory of Employment, Interest and Money)

"The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design."

- F. A. Hayek (The Fatal Conceit)

1. Provide a well-written essay of approximately 200 words. Once again, you have some latitude in your approach. Describe how Reagan and Thatcher were philosophically and economically aligned. How would they fit into today's economic world? Do you think that they would be in favor of bail-outs? What makes you think so? Express your opinion, with analysis in mind, not emotion.