Reaganomics ( ; portmanteau [Ronald] Reagan and economics associated with Paul Harvey) refers to the economic policies promoted by US President Ronald Reagan during the 1980s. These policies are generally associated with supply-side economies, which are referred to as trickle-down economies or voodoo economies by political opponents, and free market economies by political supporters.
Four pillars of Reagan's economic policy are to reduce the growth of government spending, reduce federal income tax and capital gains tax, reduce government regulation, and tighten the money supply to reduce inflation. During Reagan's presidency, the national debt nearly tripled and the US changed from the world's largest creditor country to the world's largest debtors in less than eight years.
Video Reaganomics
Konteks historis
Prior to the Reagan administration, the US economy experienced a decade of increasing unemployment and persistently high inflation (known as stagflation). Attacks on traditional economic orthodoxy such as the Phillips Curve grow. Political pressure favored the stimulus that resulted in the expansion of the money supply. Full price and price of President Richard Nixon has been removed. Federal oil reserves are created to reduce future short-term shocks. President Jimmy Carter has begun removing control of petroleum prices while he created the Energy Department. Much of the credit for the stagflation resolution is given to two causes: a three-year contraction of money supply by the Federal Reserve Board under Paul Volcker, which began in the last year of Carter's presidency, and eased long-term supply and price in oil during the oil viscosity of the 1980s.
In stating that his intention was to lower taxes, Reagan's approach was a departure from his predecessors. Reagan imposes lower marginal tax rates as well as simplified income tax codes and further deregulation. During Reagan's eight-year presidency, the annual deficit averaged 4.0% of GDP, compared with an average of 2.2% over the previous eight years. The real growth rate (inflation adjusted) in federal spending fell from 4% under Jimmy Carter to 2.5% below Ronald Reagan. GDP per employed person increased at an average rate of 1.5% during Reagan administration, compared with an average of 0.6% over the previous eight years. Private sector productivity growth, measured as everyone's hourly real output, increased at an average rate of 1.9% over Reagan's eight years, compared with an average of 1.3% over the previous eight years. Federal federal spending as a percent of GDP averaged 21.4% below Reagan, compared with 19.1% over the previous eight years.
During the Reign of Nixon and Ford, prior to Reagan's election, the combined policy of supply and demand sides was deemed unconventional by the Republican moderate wing. While fighting Reagan for the presidential nomination in 1980, George H. W. Bush has ridiculed Reaganomics as a "voodoo economy". Similarly, in 1976, Gerald Ford had strongly criticized Reagan's proposal to return most of the Federal budget to the state.
Maps Reaganomics
Justifications
In a 1980s campaign speech, Reagan presented his economic proposal as a return to the principles of free enterprise, a free market economy that had been profitable before the Great Depression and the FDR's New Transaction policy. At the same time it attracted followers from the supply-side economic movement, which formed in opposition to the Keynesian stimulus demand economy. This movement produced some of the strongest supporters for Reagan's policies during his tenure.
The assumption of supporters, that the tax rate cuts will more than cover the rise in federal debt, is influenced by the theoretical tax model based on the elasticity of the tax rate, known as the Laffer curve. Model Arthur Laffer predicts that excessive tax rates actually reduce the potential for tax revenues, by lowering the incentives to generate; the model also predicts that insufficient tax rates (tariffs below optimal levels for certain economies) lead directly to a decrease in tax revenues.
Policy
Reagan raised the rest of the domestic oil price and allocation controls on January 28, 1981, and lowered the unexpected oil income tax in August 1981. He ended the unexpected oil profit tax in 1988. During the first year of Reagan's presidency, federal income tax rates were reduced significant with the signing of the Economic Recovery Tax Act of 1981, which lowered the upper marginal tax bracket from 70% to 50% and the lowest group from 14% to 11%. This action cuts the land tax and cut taxes paid by business firms by $ 150 billion over a five-year period. In 1982 Reagan approved the reduction of corporate taxes and the reduction of the income tax of smaller people. The 1982 tax increase was less than a third of the initial tax cut; in 2012, Factcheck.org described it as the largest tax increase since 1968. In 1983 Reagan enforced a payroll tax increase on Social Security and Medicare Health Insurance. In 1984 another bill was introduced that the tax loophole was closed. According to tax historian Joseph Thorndike, the 1982 and 1984 bills "represent the largest tax increase ever imposed during peacetime".
Under the 1986 Tax Reform Act, Reagan and the Congress sought to simplify the tax system by eliminating many cuts, reducing the highest marginal rates, and reducing the number of tax brackets. In 1983, Democrats Bill Bradley and Dick Gephardt had offered a proposal; in 1984 Reagan asked the Treasury to produce its own plan. The 1986 bipartisan action that ultimately aims to become revenue neutral: while it reduces the marginal rate, it also clears the tax base by removing the abolition of certain taxes, preferences, and exclusions, thereby increasing the effective tax on activities previously coded preferably. In the end, the combination of decreases in cuts and reductions in tariffs increases income by about 4% of existing tax revenues.
The share of GDP federal income fell from 19.6% in fiscal year 1981 to 17.3% in 1984, before rising back to 18.4% in fiscal year 1989. Private income tax revenue fell during this period relative to GDP, payroll taxes rose relative to GDP. Reagan's 1981 deductions over the regular tax rate on unpaid earnings lowered the maximum capital gain rate to just 20% - its lowest level since the Hoover government. The 1986 law sets tax rates on capital gains to the same level as regular income levels such as salaries and wages, with both reaching above 28%.
Reagan significantly increased public spending, notably the Department of Defense, which rose (in constant 2000 dollars) from $ 267.1 billion in 1980 (4.9% of GDP and 22.7% of public spending) to $ 393.1 billion in 1988 (5.8% of GDP and 27.3% of public spending); most of those years military expenditure is about 6% of GDP, exceeding this figure in 4 different years. All these figures have not been seen since the end of US involvement in the Vietnam War in 1973. In 1981, Reagan significantly reduced the maximum tax rate, which affected the highest earners, and lowered the upper marginal tax rate from 70% to 50%; in 1986 he further reduced the rate to 28%. The federal deficit under Reagan peaked at 6% of GDP in 1983, falling to 3.2% of GDP in 1987 and to 3.1% of GDP in its last budget. The rate of inflation growth in federal spending fell from 4% under Jimmy Carter to 2.5% below Ronald Reagan; However, the federal deficit as a percent of GDP rose throughout the Reagan presidency from 2.7% at the end (and throughout) the Carter administration. As a short-term strategy to reduce inflation and lower nominal interest rates, the US borrows both domestically and abroad to cover the Federal budget deficit, increasing its national debt from $ 997 billion to $ 2.85 trillion. This caused the US to move from the world's largest international lender to the world's largest debtor country. Reagan described the new debt as "the greatest disappointment" of his presidency.
According to William A. Niskanen, one of the Reaganomics architects, "Reagan conveys each of his four major policy goals, though not as far as he and his supporters expect," noting that the most substantial change is in the tax code, the marginal income of the top individuals fell from 70.1% to 28.4%, and there was a "major reversal in the treatment of business income tax", with the effect of "reducing the tax bias between types of investments but increasing the average effective tax rate on new investments". Roger Porter, another architect of the program, acknowledged that the program was weakened by many hands that changed the President's calculus, such as Congress. President Reagan raised taxes eleven times during his presidency, all on behalf of fiscal responsibility, but the overall tax burden decreased during his presidency. According to Paul Krugman, "Overall, the 1982 tax increase decreased by about one-third of the 1981 deductions, as a share of GDP, a much greater increase than Mr. Clinton's 1993 tax increase." According to historian and domestic policy advisor Bruce Bartlett, Reagan's tax increase during his presidency took back half of the 1981 tax cuts. Although since Reagan's tax cuts, the upper marginal tax rate remained lower than at any point in US history since 1931, marginal over increased from 25% to 63%.
Results
Overview
Expenditures over the years Reagan budgeted (FY 1982-1989) averaged 21.6% of GDP, roughly tied to President Obama for the highest among the Presidents recently. Each faces a severe recession early in their administration. In addition, public debt rose from 26% of GDP in 1980 to 41% of GDP in 1988. In dollars, public debt rose from $ 712 billion in 1980 to $ 2.052 trillion in 1988, about three-fold. The unemployment rate increased from 7% in 1980 to 11% in 1982, then declined by 5% in 1988. The inflation rate declined from 10% in 1980 to 4% in 1988.
Some economists argue that Reagan's policy is an important part of realizing the third-largest economic expansion of the longest-running period in US history. During the Reagan administration, real GDP growth averaged 3.5%, compared with 2.9% over the previous eight years. The average annual unemployment rate decreased by 1.7 percentage points, from 7.2% in 1980 to 5.5% in 1988, after increasing by 1.6 percentage points over the previous eight years. Non-product employment increased 16.1 million during Reagan's presidency, compared with 15.4 million over the previous eight years, while manufacturing employment declined 582,000 after rising 363,000 over the previous eight years. The Reagan administration is the only one that does not raise the minimum wage. The inflation rate, 13.5% in 1980, fell to 4.1% in 1988, as the Federal Reserve raised interest rates (peak peak rates at 20.5% in August 1981). The latter contributed to the recession from July 1981 to November 1982 where unemployment rose to 9.7% and GDP fell 1.9%. In addition, revenue growth slowed for the middle and lower classes (2.4% to 1.8%) and rose for the upper class (2.2% to 4.83%).
The misery index, defined as the inflation rate added to the unemployment rate, shrank from 19.33 when he started his reign to 9.72 when he left, the greatest record of improvement for a President since Harry S. Truman left his office. In terms of American households, the percentage of total households earning less than $ 10,000 per year (in original dollars 2007) shrank from 8.8% in 1980 to 8.3% in 1988 while the percentage of households earning more than $ 75,000 increased from 20.2% to 25.7% during that period, both signs of progress.
Jobs and wages
The employment growth (measured for non-agricultural salaries) under the Reagan administration averaged 168,000 per month, compared to 216,000 for Carter, 55,000 for H.W. Bush, and 239,000 to Clinton. Measuring the number of jobs made per month is limited for longer periods along with population growth. To counter this, we can measure the percentage of annual job growth, comparing the number of initial and final jobs during their time at the office to determine the annual growth rate. Jobs grew by 2.0% annually under Reagan, versus 3.1% below Carter, 0.6% below H.W. Bush, and 2.4% below Clinton.
The unemployment rate averaged 7.5% below Reagan, compared with an average of 6.6% over the previous eight years. Decreasing steadily after December 1982, that figure was 5.4% month Reagan left office.
Average average hourly wages for production and non-skew workers continue the decline that began in 1973, albeit at a slower rate, and remained below the pre-Reagan level in any Reagan year.
The labor force participation rate increased by 2.6 percentage points over Reagan's eight years, compared with 3.9 percentage points over the previous eight years.
Growth rate
After the 1981 recession, the average unemployment rate was slightly higher (6.75% vs 6.35%), productivity growth was lower (1.38% vs. 1.92%), and private investment as a percentage of GDP slightly less ( 16.08% vs. 16.86%). In the 1980s, industrial productivity growth in the United States matched its trading partners after falling behind in the 1970s. In 1990, the GNP manufacturing department surpassed the post-World War II low hit in 1982 and equaled the "level of output achieved in 1960 when American factories hummed in a hasty clip".
GDP growth
The combined annual growth rate of GDP was 3.6% for eight Reagan years, compared with 2.7% over the previous eight years. Real per capita GDP grew 2.6% below Reagan, compared with an average growth of 1.9% over the previous eight years.
Earnings and riches
Nominally, the average household income grew at a compound annual growth rate (CAGR) of 5.5% during the Reagan presidency, compared with 8.5% over the preceding five years (pre-1975 data not available). Real average family income grew $ 4,492 during the Reagan period, compared with an increase of $ 1,270 over the previous eight years. After declining from 1974 to 1980, actual personal income meant an increase of $ 4,708 in 1988. Net household net worth increased by CAGR by 8.4%, compared with 9.3% over the previous eight years.
Poverty level
The percentage of the population below the poverty level increased from 13.0% in 1980 to 15.2% in 1983, then dropped back to 13.0% in 1988. During Reagan's first term, critics noted homelessness as a visible problem in US urban centers. In the last weeks of his presidency, Reagan told David Brinkley that the homeless "made it their own choice to stay out there," noting his belief that there were "shelters in almost every town, shelter here, and those people still prefer to be in the stove or grass to get into one of the shelters ". He also stated that "most" of them were "mentally disabled." Results (he believes) ACLU's (and similar organizations) lawsuit against the agency. His policy is widely known as "trickle-down economics", due to significant deductions in upper tax brackets, as extra money for the rich can flow to low-income groups.
Federal income tax and payroll tax rate
During the Reagan administration, federal fiscal revenue grew from $ 599 billion to $ 991 billion (up 65%) while fiscal year fiscal spending grew from $ 678 billion to $ 1144 billion (up 69%). According to a 1996 report from the United States Joint Economic Committee Congress, during the two Reagan periods, and until 1993, 10% of the highest taxpayers paid an increase in the share of income tax (excluding payroll taxes) to the Federal government, while the 50% lower taxpayers paid the reduced share of income tax revenue. Personal income tax revenue declined from 9.4% of GDP in 1981 to 8.3% of GDP in 1989, while salary tax revenues increased from 6.0% of GDP to 6.7% of GDP over the same period.
Tax revenue
According to a 2003 Treasury study, tax cuts in the 1981 Economic Recovery Tax Act resulted in a significant drop in relative income to baseline without deductions, about $ 111 billion (in 1992 dollars) on average for the first four years after implementation or nearly 3% GDP every year. Other tax bills have neutral or, in the case of the Tax Equity and Fiscal Responsibility Act of 1982, an increase (~ 1% of GDP) in revenue as a share of GDP. It should be noted, however, that this study does not examine the long-term impact of Reagan's tax policies, including the sunset clause and the "long-term, full-phase-off effect of the tax bill". The fact that the tax revenue as a percentage of GDP falls following the Economic Recovery Tax Act of 1981 shows a decrease in the tax burden as part of GDP and a corresponding increase in deficits, as spending does not fall relative to GDP. Total federal tax receipts are increasing every Reagan year except 1982, at an annual average rate of 6.2% compared with 10.8% over the previous eight years.
The effect of the 1981 Reagan tax cut (reducing relative income to baseline without deductions) was at least partially offset in part by the Social Security salary increase granted by President Jimmy Carter and the 95th Congress in 1977, and a further increase by Reagan in 1983 and subsequent years, also against the use of tax shelters. An accounting showing nominal tax revenues increased from $ 599 billion in 1981 to $ 1,032 trillion in 1990, an increase of 72% in current dollars. In 2005 dollars, tax revenues in 1990 were $ 1.5 trillion, an increase of 20% above inflation.
Debt and government expenditure
Reagan was inaugurated in January 1981, so the first fiscal year (TA) he budgeted was in 1982 and the last year was 1989.
- During Reagan's presidency, public debt held by the public nearly tripled in nominal terms, from $ 738 billion to $ 2.1 trillion. This caused the US to move from the world's largest international lender to the world's largest debtor country. Reagan described the new debt as "the greatest disappointment" of his presidency.
- The federal deficit as a percent of GDP rose from 2.5% of GDP in fiscal year 1981 to a peak of 5.7% of GDP in 1983, then down to 2.7% of GDP in 1989.
- Total federal expenditure averaged 21.8% of GDP from 1981-88, compared with the 1974-1980 average of 20.1% of GDP.
- Total federal income averaged 17.7% of GDP from 1981-88, compared to 1974-80 average of 17.6% of GDP.
- Federal federal income tax revenue fell from 8.7% of GDP in 1980 to a 7.5% trough of GDP in 1984, then rose to 7.8% of GDP in 1988.
Business and market performance
Nominal corporate earnings after tax grew at a compound annual growth rate of 3.0% over Reagan's eight years, compared with 13.0% over the previous eight years. S & amp; P 500 increased 113.3% during 2024 trading days below Reagan, compared with 10.4% over the previous 2024 trading days. The business sector share of GDP, measured as gross private domestic investment, fell 0.7 percentage point below Reagan, after increasing 0.7 percentage points over the previous eight years.
The size of the federal government
The share of the federal government's GDP rose 0.2 percentage points below Reagan, while it declined by 1.5 percentage points over the previous eight years. The number of federal civil servants increased by 4.2% over Reagan's eight years, compared with 6.5% over the previous eight years.
As a candidate, Reagan insists he will shrink the government by abolishing the energy department and the cabinet-level education. He abolished both, but raised the issue of veterans from the status of an independent agent to Cabinet level department status.
Analysis
According to a 1996 study by the Cato Institute, a libertarian think tank, in 8 of 10 key economic variables examined, the American economy performed better during Reagan's years than during the pre- and post-Reagan years. This study confirms that real average family income grew by $ 4,000 and for eight Reagan years and lost nearly $ 1,500 in the post-Reagan years. Interest rates, inflation, and unemployment fell faster under Reagan than they did immediately before or after their presidency. The only lower economic variable over the period than in both pre- and post-Reagan years is the savings rate, which fell rapidly in the 1980s. The level of productivity was higher in the pre-Reagan years but lower in the post-Reagan years. The Cato study rejected the positive effects of tightening, and subsequently loosened, the Federal Reserve's monetary policy under "hawk inflation" Paul Volcker, whom President Carter had been appointed in 1979 to halt persistent inflation in the 1970s.
Economic analyst Stephen Moore stated in Cato's analysis, "No action in the last quarter century had a more profound impact on the US economy in the eighties and nineties than the Reagan tax cut in 1981." He argues that Reagan's tax cuts, combined with an emphasis on federal monetary policy, deregulation, and the expansion of free trade create a sustainable economic expansion, the largest wave of American prosperity ever. He also claimed that the American economy grew by more than a third in size, generating a $ 15 trillion increase in American wealth. Consumer and investor confidence rose sharply. Cutting federal income taxes, cutting US government spending, cutting off useless programs, reducing government labor, keeping interest rates low, and keeping a tight inflation hedge against monetary supplies is Ronald Reagan's formula for a successful economic turnaround.
Milton Friedman states, "Reaganomics has four simple principles: Lower marginal tax rate, fewer regulations, controlled government expenditure, non-inflationary monetary policy.Although Reagan did not achieve all his goals, he made good progress."
The 1986 Tax Reform Act and its impact on the minimum alternative tax (AMT) reduced the nominal rate on the rich and eliminated tax cuts, while raising tax rates on low-income individuals. The tax system across the board reduces marginal rates and reduces bracket brackets from inflation. The highest income (with earnings exceeding $ 1,000,000) receives tax breaks, restoring a flat tax system. In 2006, the IRS National Taxpayer Statement Report characterized the effective rise of AMT to individuals as a problem with the tax code. Throughout 2007, revised AMT has brought in more tax revenue than the previous tax code, which has made it difficult for Congress to reform.
Economist Paul Krugman believes the economic expansion during Reagan's reign was mainly the result of the business cycle and monetary policy by Paul Volcker. Krugman argues that there is nothing unusual about the economy under Reagan because unemployment is reduced from a high peak and is consistent with the Keynesian economy for the economy to grow as employment increases if inflation remains low.
The CBO Historical Table shows that federal spending during the two Reagan periods (TA 1981-88) averaged 22.4% of GDP, well above the 20.6% GDP average from 1971 to 2009. In addition, public debt increased from 26 , 1% of GDP in 1980 to 41.0% of GDP in 1988. In dollars, public debt increased from $ 712 billion in 1980 to $ 2.052 billion in 1988, a threefold increase. Krugman argues in June 2012 that Reagan's policy is consistent with Keynesian stimulus theory, pointing to a significant increase in per capita spending under Reagan.
William Niskanen notes that during Reagan's years, privately-held federal debt increased from 22% to 38% of GDP, despite a long period of peace expansion. Second, the problem of saving and lending led to an additional debt of about $ 125 billion. Third, greater US trade enforcement increases the share of US imports subject to trade restrictions from 12% in 1980 to 23% in 1988.
Economists Raghuram Rajan and Luigi Zingales point out that much of the deregulation effort has occurred or has begun before Reagan (note the deregulation of airlines and carriage under Carter, and the beginning of deregulation reforms in railroads, telephones, natural gas and banking). They declared, "The step toward the market precedes the [Reagan] leader who is seen as one of their saviors." Economists Paul Joskow and Roger Noll made the same statement.
Economist William A. Niskanen, a member of the Reagan Economic Advisory Board wrote that deregulation had the "lowest priority" of the Reagan agenda items given that Reagan "failed to maintain the deregulation momentum that began in the 1970s" and that he "added more obstacles trade than any administration since Hoover. "By contrast, Milton Friedman economist has pointed to the number of pages added to the Federal Register annually as proof of Reagan's anti-regulatory presidency (The register records rules and regulations issued by federal agents per year). The number of pages added to the List each year declined sharply at the start of Ronald Reagan's presidency which broke steady and steep increases since 1960. The increase in the number of pages added per year back up, though less steep, the trend after Reagan left office. In contrast, the number of pages added each year increases below Ford, Carter, George H. W. Bush, Clinton, and others. However, the number of pages in the Federal List is criticized as a very crude measure of activity setting, as it can be easily manipulated (eg letter size has been changed to keep the page count low). The apparent contradiction between Niskanen's statement and Friedman's data can be solved by looking at Niskanen as referring to the deregulation of laws legislation (law passed by Congress) and Friedman to administrative deregulation (regulation and regulations implemented) by federal agents). A study of 2016 by the Congressional Research Service found that the average number of Reagan Federal final regulatory rules published in the Federal Register was higher than during Clinton, George W. Bush or the Obama administration, although Reagan's economy was much smaller than during the then presidential years. Another study by the QuantGov project of the Libertarian Mercatus Center found that the Reagan administration added restrictive rules - containing terms such as "will," "forbidden" or "not allowed" - at an average annual rate faster than Clinton, Bush or Obama.
Greg Mankiw, a conservative Republican economist who served as chairman of the Economic Advisory Council under President George W. Bush, wrote in 2007:
I used the phrase "fraudsters and cranks" in the first edition of my principal textbook to describe some economic advisers to Ronald Reagan, who told him that a broad-based income tax cut would have such a large supply-side effect that tax cuts would increase tax revenues. I do not find such claims credible, based on existing evidence. I never, and I still do not... My other work remains consistent with this view. In a paper on dynamic appraisal, written when I worked at the White House, Matthew Weinzierl and I predicted that broad-based income tax cuts (applicable to capital and employment income) would close only about a quarter of lost revenue through supply-side growth effects. For capital income tax cuts, the feedback is greater - about 50 percent - but still below 100 percent. A chapter on dynamic assessment in the 2004 Presidential Economic Report says the same thing.
Glenn Hubbard, who preceded Mankiw as chairman of CEA Bush, also denied statements that tax cuts increase tax revenues, wrote in his 2003 Presidential Economic Report: "Although the economy grew in response to tax cuts (because of higher consumption in a short period of time) and increase incentives in the long term), it is impossible to grow so much that the loss of tax revenues is fully restored by higher levels of economic activity. "
In 1986, Martin Feldstein - the self-described "self-portrait supplier" who served as chair of the Reagan Economic Advisory Board from 1982 to 1984 - characterized the "new supplier" that emerged around 1980:
What distinguishes the new supply from the traditional supply side since the 1980s begins is not the policy they advocate but the claims they make for the policy... The "new" drivers are far more extravagant in their claims. They projected rapid growth, dramatic increases in tax revenues, sharp increases in savings, and relatively painless inflationary declines. The supply-side hyperbolic height is the "Laffer curve" curve that the tax deductions will actually increase tax revenues as it will produce a very depressed supply of business. Another remarkable proposition is the claim that even if tax cuts do cause an increase in the budget deficit, it will not reduce the available funds for investments in factories and equipment because tax changes will raise enough savings to finance an increasing deficit. Nevertheless, I have no doubt that the lenient talk of supply-side extremists gives a basically good policy of being a bad name and causing quantitative error that not only contributes to the subsequent budget deficit but also makes it more difficult to change policy when the deficit becomes pseudo.
See also
- Abenomics
- Clintonomics
- Mellonomics
- Monetism
- The Mont Pelerin Society
- Neoliberalism
- Phillips curve
- Rogernomics
- Thatcherism
- Trenonomica
Footnote
74. http://www.taxhistory.org/www/features.nsf/Articles/2BEBD14445F182F1852579F10058AA9F?OpenDocument
References
- Marable Manning. (1981) Reaganism, Racism, and Reaction: Reorganization of Black Politics in the 1980s , Taylor & amp; Francis, Ltd.
- Bowser, Benjamin. (1985) Race Relations in the 1980s: The Case of the United States , Sage Publications Incorporated.
Further reading
- Jonathan Chait, The Big Con: Crackpot Economics and Fleecing of America , 2008, Mariner Books (reprint edition), ISBN-10: 0547085702
- Brian Domitrovic, Econoclasts: Rebels Triggering the Supply and Supply Revolution of the American Supply Side (Corporate Culture Series) , 2009, Institute of Intercultural Studies, ISBN-10: 193519125X
- Michael Lind, Rise From Conservatism: Why Rights Are Wrong For America , 1996, Free Press, ISBN-10: 0684827611
- Lawrence B. Lindsey, Growth Experiments: How the New Tax Policy Changes the Economy of U.S. , 1990, Basic Book, New York, ISBN 978-0465050703
External links
- Laffer, Arthur. "Four pillars of Reaganomics". The Heritage Foundation.
- "Reaganomics". University of Houston. Archived from the original on 2010-07-23.
Source of the article : Wikipedia
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