A failed Reagan-era crank theory used to cut taxes and services. It promised a boom in productivity and never produced one. Instead, it created an ever-increasing concentration of wealth in the hands of the rich. Featuring the Laffer Curve. Also called voodoo economics. Considered a gross failure.
- A graphical assault on supply-side tax cuts [More...]
- "But the fact that the simple empirical record is uniformly hostile to the supply-side story should put the burden of proof squarely on those arguing that supply-side tax cuts will be pro-growth."
- Charlatans, Cranks and Kansas [More...]
- Paul Krugman takes the Kochtopus' ALEC to task for promoting long-discredited Supply-Side Economics policies. "And most of ALEC’s efforts are directed, not surprisingly, at privatization, deregulation, and tax cuts for corporations and the wealthy."
- Economics is too important to leave to the experts [More...]
- "[...] it is entirely possible for people who are not professional economists to have sound judgments on economic issues, based on some knowledge of key economic theories and appreciation of the political and ethical assumptions underlying various theories. Very often, the judgments by ordinary citizens may be better than those by professional economists, being more rooted in reality and less narrowly focused.
- The Middle-Out Moment [More...]
- A symposium to make what “middle-out” economics the operating progressive theory of economic growth. ": That is, we must promote middle-out economics not just as a nice-sounding idea, but as the direct alternative to trickle-down economics. Where conservatives say investing in the top 1 percent drives growth, we say that investing in the broad middle does it."
[A]ll these economic theories are at least debatable and often highly questionable. Contrary to what professional economists will typically tell you, economics is not a science. All economic theories have underlying political and ethical assumptions, which make it impossible to prove them right or wrong in the way we can with theories in physics or chemistry.
Ha-Joon Chang, "Economics is too important to leave to the experts"