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Is Supply-Side Economics Rational for Capital?

Author

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  • Robert Chernomas

    (Department of Economics, The University of Manitoba, 508 Fletcher Argue Building, Winnipeg, Manitoba, Canada, R3T 2N2.)

Abstract

The objective of this paper is to evaluate theoretically, using Marxist theory, supply-side policy as promulgated by conservative political economy. The stated rational for conservative supply-side policy is to overcome the current prolonged stagnation of the U.S. economy by increasing productivity and output by providing incentives for "productive" investment and increases in labor supply. This paper presents a reconstruction of a Marxist theory of the current crisis, followed by a review of the supply-side economists' literature. The last section examines the potential impact of conservative policy on the current crisis brought on by a falling rate of profit and a rise in unproductive economic activity. It ultimately suggests an answer to the question: is conservative economic policy rational for capital?

Suggested Citation

  • Robert Chernomas, 1987. "Is Supply-Side Economics Rational for Capital?," Review of Radical Political Economics, Union for Radical Political Economics, vol. 19(3), pages 1-17, September.
    • Handle: RePEc:sae:reorpe:v:19:y:1987:i:3:p:1-17
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