Trouble with economists is that they come in various shapes and sizes.
Though they are all exposed to the same things at university, they interpret
and use them in different ways. I'm sure that Friedman, Galbraith and
Keynes all knew about the competitive model, etc., but what policy advice
they gave went well beyond that and differed greatly.
Reagan was a supply sider with an enormous faith in the stimulative effects
of cutting taxes for the entrepreneurial class, who would use the freed-up
money to grow the economy. It might work in a more or less isolated economy
with plenty of investment opportunities, but the US and the times were not
like that. All one can say is that bright ideas and reality rarely
coincide.
Ed
As an economist, all I can say is "Jus doin muh job, Suh, jus doin muh
job."
In "Reaganomics", was the B-movie actor telling the economists what their
job is, or perhaps was it the other way around?
(note that the present policies are just the continuation of Reaganomics)
Chris
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