My time with supply-side economics. (Memoir & Defense).

From: Independent Review | Date: January 1, 2003| Author: | Copyright information

Supply-side economics is a major innovation in economics. It says that fiscal policy works by changing relative prices and shifting the aggregate supply curve, not by raising or lowering disposable income and shifting the aggregate demand curve. Supply-side economics reconciled micro- and macroeconomics by making relative-price analysis the basis for macroconclusions. The argument is straightforward: relative prices govern people's decisions about how they allocate their income between consumption and saving and how they allocate their time between work and leisure.

The cost ...

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