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Reaganomics

In: Why Reaganomics and Keynesian Economics Failed

Author

Listed:
  • James E. Sawyer

    (Seattle University)

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.

Suggested Citation

  • James E. Sawyer, 1987. "Reaganomics," Palgrave Macmillan Books, in: Why Reaganomics and Keynesian Economics Failed, chapter 11, pages 153-177, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-09497-4_11
    DOI: 10.1007/978-1-349-09497-4_11
    as

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