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The Independent Review

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This article appeared in the Winter 2003 issue of The Independent Review Supply-side economics is a major innovation in economics. It says that fiscal policy works by changing relative prices and shifting the aggregate supply curve,not by raising or lowering disposable income and shifting the aggregate demand curve. Supply-side economics reconciled micro- and macroeconomics by... Read More
Published on VDARE.com – January 07, 2003 (Published in The Independent Review, v. VII, n. 3, Winter 2003, ISSN 1086-1653, Copyright © 2003, pp. 393– 397.) Supply-side economics is a major innovation in economics. It says that fiscal policy works by changing relative prices and shifting the aggregate supply curve, not by raising or lowering... Read More
The academic study of the Soviet economy was unsuccessful. Several widely held misconceptions contributed to the lack of success. Western economists assumed that economic growth was assured, because the central planning authority controlled the rate of investment. They assumed that the Soviet economy was planned centrally, because it had a central planning agency. They assumed,... Read More
Timothy Muris’s otherwise excellent piece “Ronald Reagan and the Rise of Large Deficits” (Independent Review 4 [winter 2000]: 365-76), necessarily misses some fascinating details known only to those of us who were actually there. The transition team began operating out of David Stockman’s congressional offices shortly after Christmas 1980. That team of part-time volunteers consisted... Read More
People familiar with Michael Polanyi are impressed by his intellectual powers, the range of his mind, and his ability to get to the heart of issues, often long before anyone else. These attributes also apply to his work in economics. In Full Employment and Free Trade, published in 1945 by Cambridge University Press, Polanyi synthesized... Read More
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