REAGANOMICS is both an economic technique and a political philosophy, thus making it doubly difficult to address intelligently.  “Economically ignorant moralism is as objectionable as morally callous economism,” observed Wilhelm Roepke. “Ethics and economics are two equally difficult subjects, and while the former needs discerning and expert reason, the latter cannot do without humane values.” If the divergent assessments of Reaganomics in these two volumes are any guide, we are far from a consensus on basic principles in either field.