Reaganomics" was the media's name for supply-side economics
, which was a correction to Keynesian demand management.
The accession of supply-side economics
was among the Journal's most consequential initiatives.
In other words, supply-side economics
is a classic example of a zombie doctrine: a view that should have been killed by the evidence long ago, but just keeps shambling along, eating politicians' brains.
The marketplace concept opened the door to "policies that lacked significant rigor: the barrier for entry of those ideas into the policy debate was now extremely low," says Stahl, as he recounts the evolution of supply-side economics
with blistering contempt.
Instead of supply-side economics
, we should return to the demand-side economics of Franklin Roosevelt.
I strove to correct this condition myself by authoring Econoclasts: The Rebels Who Sparked the Supply-Side Revolution and Restored American Prosperity (2009), a narrative history of supply-side economics
, the movement that seeded Kemp-Roth and the Reagan Revolution.
He devotes a couple of pages to his first encounter with supply-side economics
in the late 1970s and writes, "Maybe I am only an amateur, but the logic makes sense to me.
At this point, supply-side economics
have been examined, analyzed, debated, celebrated and rejected ad nauseam.
Conservatives could call it supply-side economics
, as they did under President Ronald Reagan.
At the onset of the 1980s, the neoliberal economic policy was adopted by Ronald Reagan in the US and Margaret Thatcher in the UK and became known respectively as Reagonomics or supply-side economics
In essence, Rand instilled a sense of minimalist government, supply-side economics
, and tax-cutting which Ryan adopted as evidenced by his budget plan.
The early back of the napkin version of the Laffer curve would go on to become the basis for Reaganomics and supply-side economics
The austerity-growth dilemma has come to a head, pitching so-called supply-side economics
, based on sound budgets and a drive for efficiency, against calls for extra stimulus to counter the drag of cutbacks.
Talking about his own experience managing and owning Edde Sands, a beach resort in northern Lebanon, Edde said that entrepreneurs should endorse supply-side economics
and create innovative businesses even when demand appeared to be in shortage.
Likewise, the enduring attraction of supply-side economics
, despite all of the evidence against it (especially in a period in which there is high unemployment), will prevent raising taxes at the top.