Thursday, March 15, 2012

Reaganomics

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Policies of output and economic growth

a) John Maynard Keynes- probably the most influential economist of the first half of the twentieth century. Keynes had immense intellectual powers, daring conception, and courage in his convictions. On the staff of the British delegation that negotiated peace after World War I, he regarded the terms of peace as the seeds of disaster, quickly resigned in protest, and wrote his criticisms in The Economic Consequences of the Peace in 1919.

Keynes became editor of the Economic Journal, one of the most important journals of economic research. During the Great Depression, Keynes was the leading figure in a group of primarily younger and very creative economists who attempted to understand and explain the disaster. Borrowing freely from their ideas, Keynes published 'The General Theory of Employment, Interest and Money'. The General Theory, as it is known, founded modern macroeconomics- virtually all work in that field emerges from Keynes work and, as one American politician put it, everyone had always known that economic policies recommended by Neoclassical economists were bad policies - but now they realized it was also bad economics.

Among the revolutionary concepts initiated by Keynes was the concept of a demand-determined equilibrium, a unique theory of money based on liquidity preference, the introduction of radical uncertainty and expectations, and the possibility of using government fiscal and monetary policy to help eliminate recessions and control economic booms.

b) The basic economic concept of Ronald Reagan if you cut taxes, you increase Federal Revenues as economic activity increased. The increase in economic activity would bring with it increased Federal tax revenues. The tax cut would be self liquidating and self paying since any lost revenues for the moment would almost immediately be made up by increased revenues in the future. These new tax revenues would permit the Federal government to increase defense spending from the revenue windfall. It was a painless way to stimulate the economy, increase defense (and other) spending and it was all without revenue cost to the Federal Government, said Pierre Rinfret.

Former Reagan Deputy Chief of Staff Mike Deaver All of the things that he said were going to happen, that things were going to get better, were not getting better. His budget had, in fact, not caught up with the recession in the country as fast as he thought it would.

Reagan responded by sticking to his economic plan and telling and retelling an anecdote about two boys one an optimist and the other a pessimist. The pessimist was given a pile of new toys and responded by crying because he was afraid someone would come and take them all away. The optimist was given the job of going down to the barn and shoveling out the stalls. He tackled the chore with great enthusiasm, heartily digging into the manure, because he was convinced that theres got to be a pony in here somewhere.

Supply side economics emphasizes that the main source of a countrys economic growth is constant improvement in the efficiency with which resources are allocated for production.

While the policy recommendations of the rival Keynesian school tend to focus almost entirely on what government can do to stimulate or restrain aggregate demand in the short-run so as to even out the business cycle, supply-side policy analysts focus on barriers to higher productivity - identifying ways in which the government can promote faster economic growth over the long haul by removing impediments to the supply of, and efficient use of, the factors of production. Supply-siders believe that unwise provisions of the tax laws (and especially high marginal rates of personal and corporate income taxation) produce very damaging incentives that lead people to work less and to invest less (and to do both less efficiently) than they otherwise would. Supply-side policy recommendations typically include deregulation of heavily regulated industries, promotion of greater competition through lowering protectionist barriers to international trade, and measures to repeal special subsidies and tax loopholes targeting particular industries in favor of lower and more uniform tax rates across the board. Supply-side economics became particularly well-known to the general public during the 1980s because of its advocacy by one influential faction of economic policy-makers in the Reagan administration, leading to the use of the term Reaganomics to denote many of the ideas of the supply-siders. Supply-siders played a much smaller role in economic policy-making under the Bush administration, as the focus of attention shifted toward controlling the size of the budget deficit and away from the earlier Reaganomics preoccupation with accelerating the countrys rate of economic growth.



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