Reaganomics

James E. Sawyer
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James E. Sawyer: Seattle University

Chapter 11 in Why Reaganomics and Keynesian Economics Failed, 1987, pp 153-177 from Palgrave Macmillan

Abstract: Abstract Ronald Reagan came to power with a mandate to purge the economy of the ills of Keynesianism. Since the Federal Reserve had already begun the task a full year ahead of the Republican landslide of 1980, momentum was well under way. Among the architects of the laissez-faire resurgence, or ‘supply-siders’, was Arthur Laffer who argued for a reduction in tax rates. According to the supply-siders, a cut in tax rates would stimulate output and income, and therefore generate a larger federal base from which tax revenues could be drawn. So even though rates might be cut, the end result would be an increase in total tax revenues.

Keywords: Federal Reserve; Personal Income; Marginal Propensity; Fixed Investment; American Dream (search for similar items in EconPapers)
Date: 1987
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-09497-4_11

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DOI: 10.1007/978-1-349-09497-4_11

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