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Supply-side Economics
A Category Archive (34 entries)
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September 20, 2010
Last week, I was interviewed for 16 minutes by Mike McConnell on WGN, Chicago. He was a cut above in his understanding of the various economic issues. My test for whether it's working with the host is whether he invites... MORE
August 11, 2010
Supply-side Economics
Arnold Kling
Nick Schulz links to a post by Tino that makes the point that in spite of much lower tax rates, the U.S. government collects more tax revenue per capita than do European governments. If all else were equal, this would... MORE
June 22, 2010
Supply-side Economics
David Henderson
On yesterday's post, Bob Murphy asks: David, what exactly do you mean by saying tax rate cuts didn't increase revenues? Tax revenues did in fact go up (eventually), right? So I assume you mean they didn't go up more than... MORE
May 21, 2010
Supply-side Economics
David Henderson
Three days ago I posted on part of Bruce Bartlett's excellent chapter, "The Rise and Fall of Supply-Side Economics," in his book, The New American Economy. I promised to get to the fall part. First, though, there's more interesting content... MORE
May 18, 2010
Supply-side Economics
David Henderson
Bruce Bartlett's The New American Economy is currently my "Starbuck's book," i.e., the book I keep in my car and read a few pages of every time I'm in line at Starbuck's. I'm almost through and it's really quite good.... MORE
March 30, 2010
Supply-side Economics
David Henderson
In today's Wall Street Journal, Alan Reynolds has an excellent piece on how much revenue can be expected from the Obama tax rate increases to pay for Obamacare. Bottom line: much less than Obama estimates. Reason: elasticity of taxable income... MORE
February 17, 2009
Supply-side Economics
David Henderson
As I have been saying for the last month or so, when I saw the details of the tax rebate (and I'm sure other marginalists have been saying so too), under the "stimulus" bill that President Obama will sign today,... MORE
January 29, 2009
Regulation
David Henderson
On a recent talk show, I made the point that although Obama's fiscal "stimulus" is likely to destroy wealth, at least he is not making four major mistakes that Herbert Hoover and FDR made: (1) substantially raising tariffs (Hoover with... MORE
December 23, 2008
Supply-side Economics
David Henderson
From today's Wall Street Journal, an article titled, "IRS Audits of Large Companies Decline for 3rd Year in Row." The article goes on to say: According to 2008 IRS enforcement data released Monday, the IRS audited 15.3% of returns of... MORE
October 22, 2004
Supply-side Economics
Arnold Kling
In this essay, I explain 2004 economics Nobel Laureate Edward Prescott's views that the Bush tax cuts were too small. Prescott re-casts the trade-off as between "market time" and "non-market time." In addition to TV and Bon-Bons, you spend some... MORE
August 16, 2004
Growth: Causal Factors
Arnold Kling
Whoever is writing the lead editorials for the Washington Post (I suspect Sebastian Mallaby) on economic policy issues in this year's election is providing pieces that are highly educational. Today's editorial is called The Growth Mystery. we don't know how... MORE
June 9, 2004
Supply-side Economics
Arnold Kling
I decided to put my thoughts into a longer essay. When Ronald Reagan defeated Carter's re-election bid, "incomes policies" were a proven failure. Notwithstanding Milton Friedman's comments quoted above, by 1980 it took a lot less courage to stand by... MORE
June 7, 2004
Supply-side Economics
Arnold Kling
Jane Galt writes, High inflation was the result of a dozen years of bad fiscal and monetary policy under two Republicans -- Nixon and Ford -- and two Democrats -- Johnson and Carter -- that was brought under control only... MORE
April 19, 2004
Fiscal Policy
Arnold Kling
In his New York Times column last week, Jeffrey Madrick referred to the work of Peter Lindert on the ability of countries to grow in spite of welfare state distortions. Lindert's argument can be found in Why the Welfare State... MORE
March 11, 2004
Fiscal Policy
Arnold Kling
In the essay I referred to in my previous post, I also write A President who has only added to future entitlement obligations ought to be judged as having acted to increase taxes. To call this Administration a tax cutter... MORE
November 18, 2003
International Macroeconomics: Exchange Rates, International Debt, etc.
Arnold Kling
I argue that our trade deficit is really a savings deficit. Increasing exports relative to imports is not a matter of beating up on China to live up to its commitments in the World Trade Organization. It is not a... MORE
October 23, 2003
Supply-side Economics
Arnold Kling
Americans work more than Europeans. Do we work too much, or does Europe tax work too much? Edward Prescott argues the latter. Americans on a per person aged 15-64 basis work in the market sector 50 percent more than do... MORE
October 7, 2003
Regulation and Subsidies
Arnold Kling
A few days ago, controversial radio personality Rush Limbaugh created a controversy. As a commentator on a football pre-game show, he said (1) The Philadelphia Eagles' quarterback was overrated by others in the media. (2) The reason that the quarterback... MORE
September 16, 2003
Economics of Education
Arnold Kling
John Hawkins' interview of Milton Friedman touches on many subjects. Friedman is not terribly worried about Social Security. we're a very strong country, lots of able people, lots of active entrepreneurs, and so the Social Security system will be a... MORE
September 13, 2003
Social Security
Arnold Kling
The Congressional Budget Office provides an analysis of the long-term Budget outlook. The projections also assume for analytical purposes that aggregate federal revenues will level out at 19 percent of GDP in 2020, reflecting the higher end of the range... MORE
September 7, 2003
Supply-side Economics
Arnold Kling
(Note: this continues the discussion from Politics vs. Economics.) Another topic on which politics and economics can be separated is "supply-side tax cuts." The meaning of this phrase has changed somewhat over the years. During the Reagan era, a supply-side... MORE
Growth: Causal Factors
Arnold Kling
On one of the comment threads, a reader asked me if I disagreed with the economics of Lawrence Kudlow. "Honestly, I never thought he had any to disagree with," was how I began my reply. Let me revise and extend... MORE
August 21, 2003
Growth: Consequences
Arnold Kling
Irving Kristol recently wrote a neoconservative manifesto. It is hopeful, not lugubrious; forward-looking, not nostalgic; and its general tone is cheerful, not grim or dyspeptic. Its 20th-century heroes tend to be TR, FDR, and Ronald Reagan. Such Republican and conservative... MORE
June 2, 2003
Supply-side Economics
Arnold Kling
Brian Wesbury makes a supply-side case for tax cuts. One point he makes that I agree with is that when we think of the government "crowding out" the private sector, we should focus on spending rather than taxes: Spending must... MORE
May 28, 2003
Supply-side Economics
Arnold Kling
In this essay, I take issue with Paul Krugman's claim that the liquidity trap is relevant to Japan and the United States. Krugman has learned the wrong lessons. He thinks that the bank bailouts are a good thing, that Japan's... MORE
May 19, 2003
Supply-side Economics
Arnold Kling
Was the stock market boom good for New York? Not according to Megan McArdle, otherwise known as 'Jane Galt'. in an era of prosperity, city spending grew an astonishing $5.6 billion, or 25% - right up to the capacity of... MORE
May 16, 2003
Fiscal Policy
Arnold Kling
Jacob Levy criticizes the Senate's proposed temporary tax cut on dividends. The arguments in favor of repealing the dividend tax have to do with removing distortions from the capital markets and from the incentives faced by corporations, and with improving... MORE
May 9, 2003
Supply-side Economics
Arnold Kling
One fascinating phenomenon is that when government grows so large and its interest groups so powerful, it threatens to crowd out the private sector. This is a concern in Israel, where a new economic plan that tries to limit government... MORE
May 5, 2003
Fiscal Policy
Arnold Kling
A proposal from former Labor Secretary Robert Reich: The best and the fastest way to get more money into the pockets of people who are likely to spend it quickly is to cut the taxes of average working people. Most... MORE
April 29, 2003
Productivity, Baumol's cost disease
Arnold Kling
Sometimes, an economist argues against conventional wisdom, as in this essay, where I question the view that the government needs to increase its spending on education. If we combine the limited extent to which education is a public good with... MORE
April 2, 2003
Supply-side Economics
Arnold Kling
Be careful what you wish for. Some supply-siders have asked for "dynamic scoring" of tax cuts, to take into account supply-side effects. The Congressional Budget Office has done this analysis. CBO's analysis suggests the proposals, on net, would probably increase... MORE
March 10, 2003
Supply-side Economics
Arnold Kling
N. Gregory Mankiw, incoming chairman of the President's Council of Economic Advisers, continues to take flak from supply-siders. In this essay, I discuss the latest attack, from The Wall Street Journal's Susan Lee (subscription required). Her objection to Mankiw is... MORE
February 28, 2003
Supply-side Economics
Arnold Kling
Some folks are reportedly bitter about the appointment of Greg Mankiw to succeed Glenn Hubbard as Chairman of the Council of Economic Advisers. N. Gregory Mankiw, whom Mr. Bush nominated on Wednesday to lead his Council of Economic Advisers, wrote... MORE
January 26, 2003
Supply-side Economics
Arnold Kling
For an antidote to the interventionist Atlantic Monthly, see this open letter signed by a number of conservative economists. As a rule, government cannot create wealth or expand the economy. Only the private sector can do that. Government can, however,... MORE
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