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| Author: | Warsh, D. |
| Title: | Who supplied the supply side? |
| Journal: | Harvard Business Review
1990 : MAY-JUN, VOL. 68:3, p. 38-39,42,44,46,58,60 |
| Index terms: | WELFARE STATE GOVERNMENT UNEMPLOYMENT INSURANCE SOCIAL SECURITY TAXATION ECONOMIC POLICY ECONOMIC THEORY |
| Language: | eng |
| Abstract: | For about 40 years, the economies of the social democratic welfare states of the industrial West grew more rapidly than ever before in history, and so did the size of their governments. Economists narrated this growth with great confidence. They dismissed as cranks the dissidents who criticized programs like Social Security, unemployment insurance, or defense spending. Meanwhile, inflation in the industrial world gradually accelerated. By the mid-1960s, newspaper editorials complained about the effects of high taxation: by the mid-1970s legislators began preparing and passing tax-cut bills. The key role the press played in reversing the economic policy of 50 years is assessed. Various theoretical breakthroughs of the last few years are briefly reviewed. |
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