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Topic: Supply side economics


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 Supply-side economics - Wikipedia, the free encyclopedia
Supply-side economics developed during the 1970s of the Keynesian dominance of economic policy, and in particular the failure of demand management to stabilize Western economies in the stagflation of the 1970s and in the wake of the oil crisis in 1973.
Critics of supply-side economics pointed to the lack of academic credentials by movement leaders such as Jude Wanniski and Robert Bartley to imply that the theories were bankrupt.
Supply-side economics was critiqued from the right as well, for example hard gold standard advocates, such as the Ludwig von Mises Institute, have argued that there is no such thing as a dollar, merely a specific quantity of gold.
en.wikipedia.org /wiki/Supply-side_economics   (4083 words)

  
 Supply Side Economics
The reason why supply side effects do not work is very simple: the estimated responses of labor supply and savings to tax rate cuts are too small to generate the extra revenues that would maintain a tax rate cut revenue neutral.
By the time Clinton came to power in 1993, the effects of the supply side policies of the 1980s on the fiscal conditions of the U.S. were clear: the budget deficit in 1992 was 290b US $ or 4.9% of GDP and the public debt to GDP ratio equal to 50.6%.
The response of private savings and labor supply to the Reagan tax cuts was minimal: the labor supply did not increase and the effect on private savings was swamped by the reduction in public savings (the increase in the budget deficit).
pages.stern.nyu.edu /~nroubini/SUPPLY.HTM   (3376 words)

  
 Supply-Side Economics, by James D. Gwartney: The Concise Encyclopedia of Economics: Library of Economics and Liberty
Supply-side economics provided the political and theoretical foundation for a remarkable number of tax cuts in the United States and other countries during the eighties.
Supply-side economics stresses the impact of tax rates on the incentives for people to produce and to use resources efficiently.
During the great tax debate of 1975 to 1986, the opponents of the supply-side view argued that it was unrealistic to expect lower tax rates to lead to increased tax revenues.
www.econlib.org /library/Enc/SupplySideEconomics.html   (2150 words)

  
 supply side economics
Supply side economics is, as its name suggests, concerned with policies affecting the aggregate supply curve.
Supply-side economics is concerned with the impact of economic policy on these variables.
You will recall that in the classical model the level of aggregate supply is determined by the supply of, and demand for, labor, and the amount of capital in the economy.
www.fiu.edu /~thompsop/money/classical_model/supply_side_intro.html   (672 words)

  
 Dem Bloggers :: Supply Side Economics
Supply side economics is a way of life for them and there is no point in stopping something that is working in their minds.
The governing theory of supply-side economics is that slashing taxes on capital gains and income would jolt the economy into life, benefiting people at every level, raising income and ultimately unleashing a gusher of revenue.
I was surprised this morning to see that the NY Times ran a story on supply side economics.
www.dembloggers.com /story/2005/9/3/61431/88425   (557 words)

  
 Supply side economics: A Glossary of Political Economy Terms - Dr. Paul M. Johnson
Supply-side economics became particularly well-known to the general public during the 1980s because of its advocacy by one influential faction of economic policy-makers in the Reagan administration, leading to the use of the term "Reaganomics" to denote many of the ideas of the supply-siders.
aggregate demand in the short-run so as to even out the business cycle, supply-side policy analysts focus on barriers to higher productivity -- identifying ways in which the government can promote faster economic growth over the long haul by removing impediments to the supply of, and efficient use of, the
A school of thought within the economics profession emphasizing that the main source of a country's economic growth is constant improvement in the efficiency with which resources are allocated for production.
www.auburn.edu /~johnspm/gloss/supply_side.html   (308 words)

  
 Supply-side Economics
The very title "supply side" suggests that the real issue separating the new economics from the old Keynesian orthodoxy is a shift in the emphasis of policy from the stimulation of demand to that of supply.
While the supply side economists do not, with a few exceptions, take issue with the relevance of this approach in the 1930s, they do argue that subsequent excessive stimulation of demand has restricted the growth of supply because government taxation and regulations have slowed investment.
The supply side program is aimed at breaking this vicious circle forced on capital by the working class, by raising the rate of after-tax profit.
www.eco.utexas.edu /homepages/Faculty/Cleaver/304Lsupplyside.html   (10382 words)

  
 The Arsenal on NRO Financial
But in measuring, say, supply and demand in the credit markets, much of the federal deficit is offset by the surplus in state- and local-government pension funds.
On the monetary side of the model, a sliding dollar forced President Carter to appoint Paul Voicker chairman of the Federal Reserve in July 1979, and to give him his head on policy in October.
The national money supply means little when the demand for the dollar is global; a debate raged, and still smolders, over whether money creation takes place in the Eurodollar market.
www.nationalreview.com /arsenal/arsenal.shtml   (3992 words)

  
 Fall Semester 2000: Supply-Side University Economics Lesson #4 ; 10-06-00
The most important economic event following World War II was also the work of a finance minister who implicitly understood the importance of the "Laffer curve." Germany had been pinned to the uppermost ranges of the curve since World War I. It took a financial panic in the spring of 1948 to shake Germany loose.
He can thus maintain his or her standard of living on $80 less in gross wage demands per year, which means it becomes economic for the marginal employer to do business in New York, increasing the number of jobs of all varieties and reducing cost and tax pressure on social services.
Most of the economic failures of this century can rightly be charged to the failure of conservatives to press for tax rates along the lower range of the "Laffer curve." Presidents Eisenhower, Nixon and Ford were timid in this crucial area of public policy.
www.polyconomics.com /searchbase/10-06-00.html   (6282 words)

  
 supply-side economics
Supply& argue that increases in government expenditure to stimulate demand and reduce unemployment, advocated by Keynesians, are ineffective in the long term because intervention distorts market forces and creates inefficiencies that prevent the ‘supply side’ of the economy from responding to increases in demand.
Critics, however, argue that failure of supply to respond to increases in demand may result from the failure of market forces to take account of social costs and benefits.
School of economic thought advocating government policies that allow market forces to operate freely, such as privatization, cuts in public spending and income tax, reductions in trade-union power, and cuts in the ratio of unemployment benefits to wages.
www.tiscali.co.uk /reference/encyclopaedia/hutchinson/m0031917.html   (317 words)

  
 Modern America: Supply Side Economics
Ronald Reagan was a proponent of a theory called ‘supply sideeconomics.
"Reagan's theory was really 'trickle down' economics borrowed from the Republican 1920s (Harding-Coolidge-Hoover) and renamed 'supply side.' Cut tax rates for the wealthy; everyone else will benefit.
Early in his presidency, Reagan chose as his economic advisors a group that espoused a radical economic theory called "supply-side." The supply-siders told Reagan that if he gave tax cuts to the top brackets (the wealthiest individuals) the positive effects would "trickle down" to everyone else.
modernamerica.blogspot.com /2005/06/supply-side-economics.html   (849 words)

  
 Fall Semester 2000: Supply-Side University Economics Lesson #1; 09-15-00
Supply-side economics does not mean "tax cuts," any more than the demand schools represent "tax increases." The purpose of a political system is to allow all of society a way to determine the level of public goods it wishes and how it should assess members of society in financing those goods.
In a general course of introductory economics, there may be a lesson or part of a lesson devoted to some part of supply theory, but even that is often taken out of context and presented with overtones of eccentricity.
The two so-called mainstream schools are the demand-side "Keynesian" school, which focuses on fiscal levers to manage the national economy, and the demand-side "monetarist" school, which focuses exclusively on monetary levers to manage the national economy.
www.polyconomics.com /searchbase/09-15-00.html   (2620 words)

  
 fling93 loves fishies: Supply Side Economics
Supply-side economics, which is often misunderstood or misinterpreted badly by both sides, but is often used by conservatives against liberals who don’t know enough economics to know they’re being had.
However, if we were on the right side of the curve, increasing taxes should lower revenues (the part that supply-siders rarely point out).
Furthermore, that experts in economics tend to look down upon sociology and other social sciences as not being real sciences, even though economics itself is also a social science, indeed, as...
fling93.com /blog/archives/economics/2003/supply_side_economics.html   (1572 words)

  
 supply-side economics on Encyclopedia.com
SUPPLY-SIDE ECONOMICS [supply-side economics] economic theory that concentrates on influencing the supply of labor and goods as a path to economic health, rather than approaching the issue through such macroeconomic concerns as gross national product.
Although supply siders maintain that the tax cuts of the 1980s were responsible for the decade's economic growth, critics argue that such policies caused massive federal deficits, penalized the poor and middle class, and induced excessive speculation that severely damaged America's economy.
The subsequent tax increases under Presidents George H. Bush and Bill Clinton and the concurrent corporate investment, economic growth, and drop in unemployment during the 1990s further undercut supply-side suppositions.
www.encyclopedia.com /html/s1/supplysi.asp   (393 words)

  
 The Big Picture: 2004: A test of Supply Side economics
Thus, Supply Side school of thought -- derided on the campaign trail by Bush the elder as "Voodoo economics" -- now has a golden opportunity to redeem itself.
What is needed to assess the supply-side impact of the Bush tax overall economic policy program is to assess whether those policies have encouraged greater than normal investment in capital of any or all kinds, and whehter that greater than normal investment has worked out to the general benefit of the economy.
An example of fad economics occurred in 1980, when a small group of economists advised Presidential candidate, Ronald Reagan, that an across the-board cut in income tax rates would raise tax revenue.
bigpicture.typepad.com /comments/2003/12/2004_a_test_of_.html   (2841 words)

  
 supply-side economics. The New Dictionary of Cultural Literacy, Third Edition. 2002
Supply-side economics influenced the presidency of Ronald Reagan.
Supply-siders focus on increasing the supply of goods rather than stimulating demand by granting subsidies to the public.
An economic theory that holds that, by lowering taxes on corporations, government can stimulate investment in industry and thereby raise production, which will, in turn, bring down prices and control inflation.
www.bartleby.com /59/18/supplysideec.html   (177 words)

  
 Slate - The Dismal Science - August 15, 1996
Today, the supply-side label is a clear liability.
Yet the kind of economics covered in the textbooks is a technical subject that many people find hard to follow.
Paul Krugman is a professor of economics at Stanford whose books include The Age of Diminished Expectations and Peddling Prosperity.
web.mit.edu /krugman/www/virus.html   (1162 words)

  
 US economy, supply-side economics, Say’s law
The problem with the supply-siders is that they do not realise that their crude monetary views are dangerously subversive of free markets and that they bring about recessions for which the market always gets the blame.
Supply and demand in the aggregate are thus not merely equal, but they are identical [italics added], since every commodity may be looked upon as either supply of its own or as demand for other things.
Supply of wheat gives rise to the demand for automobiles, silks, shoes, cotton goods, and the other things the producer wants.
www.brookesnews.com /052305sayslaw.html   (548 words)

  
 Say's Law and Supply Side Economics
"Supply side" economics is now associated with Arthur Laffer and his advice in the late 70's that the highest tax rates should be cut, which would free up private capital and produce economic growth, which then would result in higher tax revenues.
Even today, economics is often still thought of in "underconsumptionist" terms -- not often by economists but frequently in politics and in public debate -- and the Los Angeles Times still prints articles to the effect that the basic problem of economics is "how to achieve sufficient demand to absorb available production" [3].
What happens to the money supply is secondary, though it helps to avoid falling wages, since people are not going to like that, whether it really makes any difference or not (and it will increase the value of debt).
www.friesian.com /sayslaw.htm   (6280 words)

  
 WorldNetDaily: Defending supply-side economics
At the end of the process, I guarantee you that you will know a lot more about supply-side economics than you know now.
My assumption, based on a study of human nature, is that he knows I would embarrass him in such a debate, and he would no longer be considered the new guru on the block.
Because you were only the secretary of labor in the Clinton administration, which kept you out of the economic policy loop, perhaps that is understandable to some degree.
www.worldnetdaily.com /news/article.asp?ARTICLE_ID=22563   (1140 words)

  
 Bruce Bartlett on Supply-Side Economics on NRO Financial
Suffice it to say that supply-side economics is far from the academic outcast its enemies wish it was.
In a 1990 article in the Oxford Economic Papers, he admitted that he had been wrong, that reducing taxes on capital could in fact deliver a huge economic windfall, just as the supply-siders had argued.
As long ago as 1987, it published an entire book entitled, Supply-Side Tax Policy: Its Relevance to Developing Countries.
www.nationalreview.com /nrof_bartlett/bartlett092903.asp   (787 words)

  
 Knowledge Products Audiobooks - Monetarism & Supply Side Economics
Supply side economics, another modern branch of free market economics, emphasizes the harmful role of impediments to production (such as taxes).
Supply-side economists emphasize the role of property rights and of sound currencies in encouraging the growth of production and an improved standard of living.
Robert A. Mundell is often considered the father of this modern school of economic thought.
www.audioclassics.net /html/econ_files/monet.cfm   (180 words)

  
 Wanniski.com
Supply-side economics is not taught as a comprehensive academic course of study in any institution of higher learning in this country or, indeed, anywhere in the world.
If initially followed, their supply-side economic remedies might have allowed the U. and related economies to avoid the deflationary damage and the equity markets crashes of 2000-2002.
At least this: That the economic insights of one man, Robert Mundell, were the roots and foundation of both the Kennedy tax cuts of 1964 and the tax cuts of the Reagan Revolution in the 80s.
www.wanniski.com /showarticle.asp?articleid=2821   (2440 words)

  
 Department of Economics
President and CEO of the Federal Reserve Bank, Dallas, to Speak at 2006 Economics Commencement Ceremony
And economics is the science that explains what people do.
The ways in which people respond to incentives can be complex and even counter-intuitive, making the application of economics to the real world difficult.
www.utexas.edu /cola/economics   (323 words)

  
 Mises Economics Blog: Inflation and Supply-Side Economics
It should also be said that the supply siders if they were to rise to power within the Fed would not apply this rule consistently.
This must qualify as the wackiest economic theory since fellow supply-sider Tom Nugent's idea that budget deficits increase savings.
In the latest money supply report, the M3 measure of money supply surpassed the psychological barrier of $10 trillion.
blog.mises.org /blog/archives/004212.asp   (1553 words)

  
 Understanding Supply-Side Economics
The supply-side theory is typically held in stark contrast to Keynesian theory, which, among other facets, includes the idea that demand can falter, so if lagging consumer demand drags the economy into recession, the government should intervene with fiscal and monetary stimuli.
Since supply-siders view monetary policy not as a tool that can create economic value, but rather a variable to be controlled, they advocate a stable monetary policy or a policy of gentle inflation tied to economic growth- for example, 3% to 4% growth in the money supply per year.
We have discussed the three pillars, and, based on this, you can see how the supply side cannot be separated from the political realms: if true, it implies a reduced role for government and a less progressive tax policy.
www.investopedia.com /articles/05/011805.asp   (1296 words)

  
 NCPA - Economic Issues - Supply Side Economics
There is further evidence that supply-side economics is well accepted by the general public, policymakers and professional economists.
NCPA - Economic Issues - Supply Side Economics
In 1994, in its annual Economic Report, President Clinton's Council of Economic Advisers admitted, "It is undeniable that the sharp reduction in taxes in the early 1980s was a strong impetus to economic growth."
www.ncpa.org /pd/economy/pd110399a.html   (251 words)

  
 A Much-Deserved Triumph in Supply-Side Economics
Never mind that tax revenues actually rose significantly every year of the Reagan administration; the perception is that supply-side economics has been discredited.
According to Jude Wanniski, Mundell, 67, is the theoretical founder of the Laffer Curve.
Reprinted with permission from The Freeman, a publication of The Foundation for Economic Education, Inc., February 2000, Vol.
www.libertyhaven.com /theoreticalorphilosophicalissues/supplysideeconomics/muchdeserved.shtml   (1066 words)

  
 DLC: The Death of Supply-Side Economics
For years, advocates of supply-side economics have justified repeated calls for tax cuts for high earners by arguing the cuts will pay for themselves by dramatically boosting economic growth and thus tax revenues.
In an irony as rich as any tax-cut beneficiary, the first publication to really explain the report's significance was the Wall Street Journal, whose editorial page has long been the Pravda of supply-siders, and the source of dozens of columns and editorials demanding dynamic scoring to reflect the "true" impact of big tax cuts.
The only other rationale for perpetual tax cuts that has not already been invalidated by fiscal or economic reality is the "starve the beast" theory that cutting taxes and producing big budget deficits will eventually lead to the devastation of federal investments and programs that Republicans don't have the political courage to propose cutting outright
www.dlc.org /ndol_ci.cfm?kaid=131&subid=192&contentid=251449   (608 words)

  
 The Rise of Supply-Side Economics
The central concept of supply-side economics is that tax cuts cause economic growth.
When candidate George Bush called it "voodoo economics" in the 1980 presidential campaign, he was doing so with the full backing of America's economic community.
This is significant, because academia in the 70s was dominated by conservative economic theory, and conservative economists normally welcome any ideas that make the case against government intervention.
www.huppi.com /kangaroo/23More.htm   (1908 words)

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