Abstract
Ronald Reagan's first term of office is drawing to a close. What has become of the promises he made in his economic programme four years ago and what is the outlook for the short and medium term?
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References
Cf. America's New Beginning: A Program for Economic Recovery, The White House, 18th February 1981.
P. C. Roberts, who later played an active part in implementing the Reagan programme as Assistant Treasury Secretary, also described it as being “foreign to the price-theoretical perspective of economic science” (sic!) and even ventured as far as to state that the predominance of the income effect over the substitution effect implied that “all consumer goods are inferior goods” (“The Breakdown of the Keynesian Model”, in: The Public Interest, No. 52, Summer 1978).
Nevertheless see J. A. Hausman: Labor Supply, in: H. J. Aaron, J. A. Pechman (eds.): How Taxes Affect Economic Behavior, Washington 1981.
Cf. Economic Report of the President, 1983, Chapter 4.
M. J. Boskin: Taxation, Saving and the Rate of Interest, in: Journal of Political Economy, No. 86, 1978; L. H. Summers: Capital Taxation and Accumulation in a Life Cycle Growth Model, in: American Economic Review, No. 71, 1981.
See for example D. Seligman: Why Americans Don't Save Enough, in: Fortune, 2nd April 1984.
M. Feldstein: The Conceptual Foundations of Supply-Side Economics, in: Supply-Side Economics in the 1980s, Proceedings of a Conference sponsored by the Federal Reserve Bank of Atlanta and the Emory University Law and Economics Center, Quantum Books, 1982.
Economic Report of the President, 1982, p. 116.
See for example W. Heller: Assessing the Reagan Economic Program, and J. Tobin: The Reagan Economic Plan: Supply-Side, Budget, and Inflation, both in R. H. Fink (ed.): Supply-Side Economics: A Critical Appraisal, Frederick 1982.
See the estimates of the cyclically adjusted budget in: Survey of Current Business, No. 12, 1983, pp. 32 f.
Cf. Economic Report of the President, 1984, Table 6-2, p. 177.
Wall Street Journal, 15th July 1983.
See for example J. Rutledge: The “Structural Deficit” Myth, in: Wall Street Journal, 4th August 1983.
Cf. M. Feldstein: Domestic Saving and International Capital Movements in the Long Run and the Short Run, in: European Economic Review, No. 21, 1983.
With regard to the exchange rate effect, see M. P. Dooley, P. Isard: The Portfolio-Balance Model of Exchange Rates and Some Structural Estimates of the Risk Premium, IMF Staff Papers, No. 30, 1983.
As expressed by Newsweek, 27th February 1984.
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Landmann, O. The US economy under the influence of the Reagan experiment. Intereconomics 19, 207–213 (1984). https://doi.org/10.1007/BF02928339
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DOI: https://doi.org/10.1007/BF02928339