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Encyclopedia > Reaganomics
Ronald Reagan, the US president from which Reaganomics derives its name
Ronald Reagan, the US president from which Reaganomics derives its name

Reaganomics (a blend of "Reagan" and "economics," coined by radio broadcaster Paul Harvey) is a term that has been used to both describe and decry free market advocacy economic policies of U.S. President Ronald Reagan, who served from 1981 to 1989 and economic policies perceived as similar. A term parallel in use and import is Thatcherism, which refers to the economic philosophy of British Prime Minister Margaret Thatcher (19791990), who was Reagan's contemporary. Reaganomics is most closely associated with neoliberal economic thought. Image File history File links Download high resolution version (594x750, 49 KB) Official Portrait of President Reagan, 1981. ... Image File history File links Download high resolution version (594x750, 49 KB) Official Portrait of President Reagan, 1981. ... Ronald Wilson Reagan (February 6, 1911 – June 5, 2004) was the 40th President of the United States (1981 – 1989) and the 33rd Governor of California (1967 – 1975). ... For the Stuckist artist, see Paul Harvey (artist). ... Economics (deriving from the Greek words οίκω [okos], house, and νέμω [nemo], rules hence household management) is the social science that studies the allocation of scarce resources to satisfy unlimited wants. ... For other uses, see President of the United States (disambiguation). ... Ronald Wilson Reagan (February 6, 1911 – June 5, 2004) was the 40th President of the United States (1981 – 1989) and the 33rd Governor of California (1967 – 1975). ... Year 1981 (MCMLXXXI) was a common year starting on Thursday (link displays the 1981 Gregorian calendar). ... Year 1989 (MCMLXXXIX) was a common year starting on Sunday (link displays 1989 Gregorian calendar). ... Margaret Thatcher Thatcherism is the system of political thought attributed to the governments of Margaret Thatcher, British Prime Minister from 1979 to 1990. ... The Prime Minister of the United Kingdom of Great Britain and Northern Ireland is, in practice, the political leader of the United Kingdom. ... Margaret Hilda Thatcher, Baroness Thatcher, LG, OM, PC (born October 13, 1925), former Prime Minister of the United Kingdom, in office from 1979 to 1990. ... Also: 1979 by Smashing Pumpkins. ... Year 1990 (MCMXC) was a common year starting on Monday (link displays the 1990 Gregorian calendar). ... The term neoliberalism is used to describe a political-economic philosophy that had major implications for government policies beginning in the 1970s – and increasingly prominent since 1980 – that de-emphasizes or rejects positive government intervention in the economy, focusing instead on achieving progress and even social justice by...


Reagan assumed office during a period of high inflation and unemployment, which had largely abated by the time he left office. It continues to be a matter of debate to what extent this was caused by Reagan's fiscal policies and to what extent it was due to other factors, such as the inflation-fighting monetary policies of the Federal Reserve under Paul Volcker and a large decline in oil prices caused by the resolution of supply shocks in the Middle East. This article does not cite any references or sources. ... The Federal Reserve System is headquartered in the Eccles Building on Constitution Avenue in Washington, DC. The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central banking system of the United States. ... Economist Paul Adolph Volcker (September 5, 1927 - ) born in Cape May, New Jersey, is best-known as the Chairman of the Federal Reserve under United States Presidents Jimmy Carter and Ronald Reagan (from August 1979 to August 1987). ... A supply shock is an event that suddenly changes the price of a commodity or service. ...

Contents

Policies

Reaganomics had its roots in two of Reagan's campaign promises: lower taxes and a smaller government. Reagan reduced income tax rates, with the largest rate reductions on the highest incomes; a time of battling inflation combined with broken promises from the Democratic-controlled Congress to cut spending, Reagan raised deficit spending to its highest level (relative to GDP) since World War II. As a result, there has been endless debate on whether the economic trends of the Reagan years actually came from the free market, or from government stimulus of the kind advocated by Keynesian theorists. Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        An income tax is a tax levied on the financial income... Federal courts Supreme Court Circuit Courts of Appeal District Courts Elections Presidential elections Midterm elections Political Parties Democratic Republican Third parties State & Local government Governors Legislatures (List) State Courts Local Government Other countries Atlas  Politics Portal      Further information: Politics of the United States#Organization of American political parties The Democratic... Type Bicameral Houses Senate House of Representatives President of the Senate President pro tempore Dick Cheney, (R) since January 20, 2001 Robert C. Byrd, (D) since January 4, 2007 Speaker of the House Nancy Pelosi, (D) since January 4, 2007 Members 535 plus 4 Delegates and 1 Resident Commissioner Political... This article or section does not cite its references or sources. ... Combatants Allied powers: China France Great Britain Soviet Union United States and others Axis powers: Germany Italy Japan and others Commanders Chiang Kai-shek Charles de Gaulle Winston Churchill Joseph Stalin Franklin Roosevelt Adolf Hitler Benito Mussolini Hideki Tōjō Casualties Military dead: 17,000,000 Civilian dead: 33,000... Keynesian economics, or Keynesianism, is an economic theory based on the ideas of John Maynard Keynes, as put forward in his book The General Theory of Employment, Interest and Money, published in 1936 in response to the Great Depression of the 1930s. ...


With the Tax Reform Act of 1986, Reagan and Congress sought to broaden the tax base and reduce perceived tax favoritism. In 1983, Democrats Bill Bradley and Dick Gephardt had offered a proposal to clean up/broaden the tax base; in 1984 Reagan had the Treasury Department produce its own plan. The eventual bipartisan 1986 act aimed to be revenue-neutral: while it reduced the top marginal rate, it also partially "cleaned up" the tax base by curbing tax loopholes, preferences, and exceptions, thus raising the effective tax on activities previously specially favored by the code. Economists of most affiliations favor cleaning up the tax code, since tax preferences and exceptions "distort" economic decisions. President Ronald Reagan signs the Tax Reform Act of 1986 on the South Lawn. ... This does not adequately cite its references or sources. ... Richard Andrew Dick Gephardt (born January 31, 1941) is senior counsel at the global law firm DLA Piper and a former prominent American politician of the Democratic Party. ...


The historical experience of Reaganomics is of a leveling off of non-defense spending after decades of increase, increased defense spending, and large federal deficits. Nobel Prize-winning economist Milton Friedman has pointed to the number of pages added to the Federal Register each year as evidence of Reagan's anti-regulation presidency (the Register records the rules and regulations that federal agencies issue per year). The number of pages added to the Register each year declined sharply at the start of the Ronald Reagan presidency breaking a steady and sharp increase since 1960. The increase in the number of pages added per year resumed an upward, though less steep, trend after Reagan left office. In contrast, the number of pages being added each year increased under Ford, Carter, George H.W. Bush, Clinton, and others.[1] Milton Friedman (July 31, 1912 – November 16, 2006) was a prominent American economist and public intellectual. ... The Federal Register contains most routine publications and public notices of United States government agencies. ...


The question of how much of the overall trend of deregulation can be credited to Reagan remains contentious. The economists Raghuram Rajan and Luigi Zingales point out that many of the major deregulation efforts had either taken place or begun before Reagan (we might note the deregulation of airlines and trucking under Carter, and the beginning of deregulatory reform in railroads, telephones, natural gas, and banking). They argue for this and other reasons that "the move toward markets preceded the leader [Reagan] who is seen as one of their saviors." (In their book Saving Capitalism from the Capitalists p. 268.) Economist William Niskanen, a member of Reagan's Council of Economic Advisers and later chairman of the libertarian Cato Institute, writes that deregulation had the "lowest priority" of the items on the Reagan agenda [1] and that Reagan "failed to sustain the momentum for deregulation initiated in the 1970s." The apparent contradiction with Friedman's data may be resolved by seeing Niskanen as referring to statutory deregulation and Friedman to administrative deregulation. In sum, a large study by economists Paul Joskow and Roger Noll concludes that the changes in economic regulation "simply do not reflect a sudden ideological change in federal executive branch views....many of the significant changes in economic regulation began during the Carter administration and were initiated by liberal Democrats.... it is not particularly productive to refer to a generic deregulation movement or to think of it as a consequence of the election of Ronald Reagan." (In American Economic Policy in the 1980s, ed. Martin Feldstein, NBER 1994, pp. 371-72.) Raghuram G. Rajan is the Economic Counselor and Director of Research at the International Monetary Fund. ... Saving Capitalism from the Capitalists (Crown Business, 2003) Saving Capitalism from the Capitalists is a non-fiction book by Raghuram Rajan and Luis Zingales of the University of Chicago GSB. The full title of the book is: Saving Capitalism from the Capitalists: Unleashing the Power of Financial Markets to Create... The Cato Institute is a libertarian think tank headquartered in Washington, D.C. The Institutes stated mission is to broaden the parameters of public policy debate to allow consideration of the traditional American principles of limited government, individual liberty, free markets, and peace by striving to achieve greater involvement...


Economic Record

During Reagan's tenure, income tax rates were lowered significantly, with the top personal tax bracket dropping from 70% to 28% in 7 years,[2] but payroll taxes increased during Reagan's terms as well as the effective tax rates on the lower two income quintiles.[3][4] Real Gross Domestic Product (GDP) growth recovered strongly after the 1982 recession and grew during Reagan's eight years in office at an annual rate of 3.4% per year,[5] slightly lower than the post-World War II average of 3.6%.[6] Unemployment peaked at over 9.7% percent in 1982 then dropped during the rest of Reagan's terms,[7] and inflation significantly decreased.[8] A net job increase of about 16 million also occurred. Nominal GDP per person (capita) in 2006. ... Combatants Allied powers: China France Great Britain Soviet Union United States and others Axis powers: Germany Italy Japan and others Commanders Chiang Kai-shek Charles de Gaulle Winston Churchill Joseph Stalin Franklin Roosevelt Adolf Hitler Benito Mussolini Hideki Tōjō Casualties Military dead: 17,000,000 Civilian dead: 33,000...


The policies were derided by some as "Trickle-down economics,"[9] due to the facts that the combination of significant tax cuts and a massive increase in Cold War related defense spending caused large budget deficits,[10] the U.S. trade deficit expansion,[10] and contributed to the Savings and Loan crisis,[11] as well as the stock market crash of 1987. In order to cover new federal budget deficits, the United States borrowed heavily both domestically and abroad, raising the national debt from $700 billion to $3 trillion,[12] and the United States moved from being the world's largest international creditor to the world's largest debtor nation.[13] Reagan described the new debt as the "greatest disappointment" of his presidency.[12] Trickle-down economics and trickle-down theory, in political rhetoric, are characterizations by opponents of the policy of lowering taxes on high incomes and business activity. ... For other uses, see Cold War (disambiguation). ... The Savings and Loan crisis of the 1980s was a wave of savings and loan association failures in the United States in which over 1,000 savings and loan institutions failed in the largest and costliest venture in public misfeasance, malfeasance and larceny of all time. ... DJIA (19 July 1987 through 19 January 1988) FTSE 100 Index (19 July 1987 through 19 January 1988) Black Monday is the name given to Monday, October 19, 1987, when the Dow Jones Industrial Average (DJIA) fell dramatically, and on which similar enormous drops occurred across the world. ... Government debt (public debt, national debt) is money owed by government, at any level (central government, federal government, national government, municipal government, local government, regional government). ...


Donald Regan, the President's former Secretary of the Treasury, and later Chief of Staff, criticized Reagan for his supposed lack of understanding of economics: "In the four years that I served as Secretary of the Treasury, I never saw President Reagan alone and never discussed economic philosophy or fiscal and monetary policy with him one—on—one....The President never told me what he believed or what he wanted to accomplish in the field of economics.”[14] However, Reagan's chief economic advisor Martin Feldstein, argues the opposite: "I briefed him on Third World debt; he didn't take notes, he asked very few questions....The subject came up in a cabinet meeting and he summarized what he had heard perfectly. He had a remarkably good memory for oral presentation and could fit information into his own phliosophy and make decisions on it.[15] Donald Thomas Regan (December 21, 1918 – June 10, 2003) was the 66th United States Secretary of the Treasury, from 1981 to 1985, and Chief of Staff from 1985 to 1987 in the Reagan administration, where he advocated supply-side economics and tax cuts to create jobs and stimulate production. ... The United States Secretary of the Treasury is the finance minister of the Federal Government of the United States. ... The term Chief of Staff can refer to: The White House Chief of Staff, the highest-ranking member of the Executive Office of the President of the United States. ... Martin Stuart Feldstein (born November 25, 1939) is an American economist. ...


Theoretical justification

In his 1980 campaign speeches, Reagan presented his economic proposals as merely a return to the free-enterprise principles that had been in favor before the Great Depression. At the same time he attracted a following from the supply-side economics movement, formed in opposition to Keynesian demand-stimulus economics. This movement produced some of the strongest supporters for Reagan's policies during his term in office. The Great Depression was a dramatic, worldwide economic downturn beginning in some countries as early as 1928. ... Supply-side economics is a school of macroeconomic thought that argues that economic growth can be most effectively managed using incentives for people to produce (supply) goods and services, such as adjusting income tax and capital gains tax rates. ... Keynesian economics, or Keynesianism, is an economic theory based on the ideas of John Maynard Keynes, as put forward in his book The General Theory of Employment, Interest and Money, published in 1936 in response to the Great Depression of the 1930s. ...


The belief by some proponents of Reaganomics that the tax rate cuts would more than pay for themselves was influenced by the Laffer curve, a theoretical taxation model that was particularly in vogue among some American conservatives during the 1970s. Arthur Laffer's model predicts that excessive tax rates actually reduce potential tax revenues, by lowering the incentive to produce. But while Federal Government tax revenues did increase significantly following the tax cuts of the Reagan years, that was mostly because of already scheduled increases in the Social Security Payroll Tax [citation needed]--while in contradiction to the Laffer Curve, revenues from the individual and corporate income tax fell substantially as a percentage of GDP. The dramatic increase in spending produced the budget deficits of that era. This article does not cite any references or sources. ... Arthur Betz Laffer, Sr. ...


Before Reagan's election, Reaganomics was considered extreme by the moderate wing of the Republican Party. While running against Reagan for the Presidential nomination in 1980, George Bush had derided Reaganomics as "voodoo economics"[2]. Similarly, in 1976, Gerald Ford had severely criticized Reagan's proposal to turn back a large part of the Federal budget to the states. Since Reagan's presidency, however, Republican federal politicians have for the most part continued to support his program of low taxes and private sector growth. The Republican Party, often called the GOP (for Grand Old Party, although one early citation described it as the Gallant Old Party) [1], is one of the two major political parties in the United States. ... Year 1980 (MCMLXXX) was a leap year starting on Tuesday (link displays the 1980 Gregorian calendar). ... George Herbert Walker Bush (born June 12, 1924) was the 41st President of the United States, serving from 1989 to 1993. ... Year 1976 (MCMLXXVI) was a leap year starting on Thursday (link will display full calendar) of the Gregorian calendar. ... Gerald Rudolph Ford, Jr. ...


Support for Reaganomics

According to a 1996 study from the libertarian think tank Cato Institute: The Cato Institute is a libertarian think tank headquartered in Washington, D.C. The Institutes stated mission is to broaden the parameters of public policy debate to allow consideration of the traditional American principles of limited government, individual liberty, free markets, and peace by striving to achieve greater involvement...

  • On 8 of the 10 key economic variables examined, the American economy performed better during the Reagan years than during the pre- and post-Reagan years.
  • Real economic growth averaged 3.2 percent during the Reagan years versus 2.8 percent during the Ford-Carter years and 2.1 percent during the Bush-Clinton years.
  • Real median family income grew by $4,000 during the Reagan period after experiencing no growth in the pre-Reagan years; it experienced a loss of almost $1,500 in the post-Reagan years.
  • Interest rates, inflation, and unemployment fell faster under Reagan than they did immediately before or after his presidency.
  • The only economic variable that was worse in the Reagan period than in both the pre- and post-Reagan years was the savings rate, which fell rapidly in the 1980s. The productivity rate was higher in the pre-Reagan years but much lower in the post-Reagan years. (source)

Criticism of Reaganomics

Reagan's tax policies were accused of pushing both the international transactions current account and the federal budget into deficit and led to a significant increase in public debt. Advocates of the Laffer Curve contend that the tax cuts did lead to a near doubling of tax receipts ($517 billion in 1980 to $1,032 billion in 1990), so that the deficits were actually caused by an increase in government spending. However, critics point out that this alleged doubling of revenue is significantly smaller when looking at real inflation-adjusted figures ($1,077.4 billion in 1981 to $1,235.6 billion in 1988, measured in FY2000-dollars). Furthermore, an analysis from the Center on Budget and Policy Priorities states that "history shows that the large reductions in income tax rates in 1981 were followed by abnormally slow growth in income tax receipts, while the increases in income-tax rates enacted in 1990 and 1993 were followed by sizeable growth in income-tax receipts". Specifically, the analysis calculated that the average annual growth rate of real income-tax receipts per working-age person was 0.2% from 1981 to 1990 and a much higher 3.1% from 1990 to 2001. Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        A tax is a financial charge or other levy imposed on... Look up budget in Wiktionary, the free dictionary. ... A budget deficit occurs when an entity (often a government) spends more money than it takes in. ... This page is a candidate to be copied to Wiktionary. ...


The disinflation had been initiated by Fed chairman Volcker before Reagan assumed office. An anti-inflation monetary policy program had been begun by Fed Chair Volcker in the latter days of the Carter administration, but it took awhile to take hold, so that inflation was still near a historical peak around the time of the 1980 elections. It could be argued that instead of assisting Volcker in changing inflationary expectations Reagan's budget deficits threatened Volcker's monetary policy by fostering concern that the U.S. government might decide to inflate away America's rapidly growing debt. This in turn could have made it more difficult for the Federal Reserve to earn confidence in the sustainability of its low-inflation policies. Disinflation is a decrease in the rate of inflation. ... The Federal Reserve System is headquartered in the Eccles Building on Constitution Avenue in Washington, DC. The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central banking system of the United States. ... Economist Paul Adolph Volcker (September 5, 1927 - ) born in Cape May, New Jersey, is best-known as the Chairman of the Federal Reserve under United States Presidents Jimmy Carter and Ronald Reagan (from August 1979 to August 1987). ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        Monetary policy is the process by which the government, central bank... The United States presidential election of 1980 featured a contest between incumbent Democrat Jimmy Carter and his Republican opponent, Ronald Reagan, along with a third party candidate, the liberal Republican John B. Anderson. ...


A recession occurred in 1982, his second year in office. This was central to Volcker's campaign against inflation: applying either the Phillips Curve or the NAIRU theory, high unemployment (almost 10 % of the labor force in both 1982 and 1983) undercuts inflation. Reagan benefited from the fact that Volcker relented (shifting to more expansionary monetary policy) after inflation had largely been beaten. Further, the sudden fall in oil prices around 1986 helped the economy attain demand growth without inflation in the late 1980s. A recession is traditionally defined in macroeconomics as a decline in a countrys real Gross Domestic Product (GDP) for two or more successive quarters of a year (equivalently, two consecutive quarters of negative real economic growth). ... Year 1982 (MCMLXXXII) was a common year starting on Friday (link displays the 1982 Gregorian calendar). ... Phillips curve The Phillips curve is a historical inverse relation and tradeoff between the rate of unemployment and the rate of inflation in an economy. ... The term NAIRU is an acronym for Non-Accelerating Inflation Rate of Unemployment. ... This article does not cite any references or sources. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        Monetary policy is the process by which the government, central bank...


The job growth under the Reagan administration was an average of 2.1% per year, which is in the middle of the pack of twentieth-century Presidents.


Humor

Reagan himself made light of the term "Reaganomics." In a July 10, 1987 White House Briefing for Members of the Deficit Reduction Coalition, he said, "America astonished the world. Chicago school economics, supply-side economics, call it what you will — I noticed that it was even known as Reaganomics at one point until it started working [laughter] — all of it is fast becoming orthodoxy. It’s not just that Milton Friedman or Friedrich von Hayek or George Stigler have won Nobel Prizes; other younger names, unheard of a few years ago, are now also celebrated." is the 191st day of the year (192nd in leap years) in the Gregorian calendar. ... Year 1987 (MCMLXXXVII) was a common year starting on Thursday (link displays 1987 Gregorian calendar). ... For other uses, see White House (disambiguation). ... The Chicago School of Economics is a school of thought in economics; it refers to the style of economics practiced at and disseminated from the University of Chicago after 1946. ... Supply-side economics is a school of macroeconomic thought that argues that economic growth can be most effectively managed using incentives for people to produce (supply) goods and services, such as adjusting income tax and capital gains tax rates. ... Milton Friedman (July 31, 1912 – November 16, 2006) was a prominent American economist and public intellectual. ... Friedrich von Hayek Friedrich August von Hayek (May 8, 1899 in Vienna – March 23, 1992 in Freiburg) was an economist and social scientist of the Austrian School, noted for his defense of liberal democracy and free-market capitalism against a rising tide of socialist and collectivist thought in the mid... George Joseph Stigler (1911 - 1991) was a U.S. economist. ... Nobel Prize medal. ...


The impressionist Rich Little recorded the 1980s comedy skit "Reaganomics", in which he, as reporter David Brinkley, interviews Ronald Reagan about his economic policy. The President proceeds to deliver a convoluted explanation, which at the end prompts Brinkley to exclaim, 'Mr. President, that would be a mess!' Reagan responds, 'That's right!' Rich Little performing (as George Burns) in 2004 Richard Caruthers Rich Little (born November 26, 1938) is a Canadian comedian best known for his celebrity impersonations. ... David Brinkley David McClure Brinkley (July 10, 1920 – June 11, 2003) was a popular American television newscaster for two different USA television networks, NBC, and later, ABC. From 1956 through 1970 he co-anchored NBCs top rated nightly news program, The Huntley–Brinkley Report with Chet Huntley. ... Ronald Wilson Reagan (February 6, 1911 – June 5, 2004) was the 40th President of the United States (1981 – 1989) and the 33rd Governor of California (1967 – 1975). ...


See also

Supply-side economics is a school of macroeconomic thought that argues that economic growth can be most effectively managed using incentives for people to produce (supply) goods and services, such as adjusting income tax and capital gains tax rates. ... Andrew W. Mellon, the US Secretary of the Treasury from which Mellonomics derives its name Mellonomics is a is a term that has been used to describe the economic policies of United States Secretary of the Treasury Andrew W. Mellon. ... Monetarism is a set of views concerning the determination of national income and monetary economics. ... The term Rogernomics, a portmanteau of Roger and economics, was created by analogy with Reaganomics to describe the economic policies followed by New Zealand Finance Minister Roger Douglas from his appointment in 1984. ... Margaret Thatcher Thatcherism is the system of political thought attributed to the governments of Margaret Thatcher, British Prime Minister from 1979 to 1990. ...

Footnotes

  1. ^ Friedman, Milton (2004-06-11). "Freedom's Friend". Wall Street Journal. Retrieved on 2006-12-30. 
  2. ^ Daniel J. Mitchell, Ph.D. (July 19, 1996). The Historical Lessons of Lower Tax Rates. The Heritage Foundation. Retrieved on 2007-05-22.
  3. ^ Social Security and Medicare Tax Rates. Social Security Administration (Jul 10, 2007).
  4. ^ Effective Federal Tax Rates: 1979-2001. Bureau of Economic Analysis (Jul 10, 2007).
  5. ^ Gross Domestic Product. Bureau of Economic Analysis (May 31, 2007).
  6. ^ John Miller (July/August 2004). Ronald Reagan's Legacy. Dollars and Sense. Retrieved on 2007-06-26.
  7. ^
  8. ^ Ronald Reagan. Microsoft Corporation (2007). Retrieved on 2007-07-27.
  9. ^ Danziger, S.H.; D.H. Weinburg (1994). "The Historical Record: Trends in Family Income, Inequality, and Poverty" in Confronting Poverty: Prescriptions for Change. 
  10. ^ a b Etebari, Mehrun (July 17, 2003). Trickle-Down Economics: Four Reasons why it Just Doesn't Work. faireconomy.org. Retrieved on 2007-03-31.
  11. ^ The S&L Crisis: A Chrono-Bibliography. Federal Deposit Insurance Corporation. Retrieved on 2007-04-08.
  12. ^ a b Cannon, Lou (2001) p. 128
  13. ^ Reagan Policies Gave Green Light to Red Ink. The Washington Post. Retrieved on 2007-05-25.
  14. ^ Regan, Donald T. (1988), p. 142
  15. ^ Lee, Susan. 1996. Hands Off: Why the Government is a Menace to Economic Health. Simon & Schuster. p. 223

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References

  • Niskanen W.A. (1988) Reaganomics: An Insider's Account of the Policies and the People, Oxford University Press, Oxford.
  • Boskin Michael J. (1987) Reagan and the US Economy. The Successes, Failures, and Unfinished Agenda, ICEG.
  • Bienkowski Wojciech, Brada Josef, Radlo Mariusz-Jan eds. (2006) Reaganomics Goes Global. What Can the EU, Russia and Transition Countries Learn from the USA?, Palgrave Macmillan.

William A. Niskanen is chairman of the Cato Institute, a position he has held since 1985 following service on President Reagans Council of Economic Advisers. ... Michael Boskin has been a director of Exxon Mobil since 1996. ...

External links

Online Debate between Proponent and Opponent:

Proponent Think Tank Papers:

Opponent Papers by Economists:

Mixed Assessment Dollars & Sense is a magazine dedicated to providing left-wing perspectives on economics. ... Dollars & Sense is a magazine dedicated to providing left-wing perspectives on economics. ...

The President Reagan Information Page

PBS Commanding Heights: The Battle for the World Economy

Encyclopedia articles from the Concise Encyclopedia of Economics on Econlib: The Library of Economics and Liberty (econlib. ...


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Reaganomics, by William A. Niskanen: The Concise Encyclopedia of Economics: Library of Economics and Liberty (0 words)
Reaganomics, by William A. Niskanen: The Concise Encyclopedia of Economics: Library of Economics and Liberty
"Reaganomics" was the most serious attempt to change the course of U.S. economic policy of any administration since the New Deal.
In retrospect the major achievements of Reaganomics were the sharp reductions in marginal tax rates and in inflation.
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