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THE KEYNESIAN REVOLUTION
THE SETTING FOR SUPPLYSIDE
6 other sections not shown
accelerated depreciation According action additional Administration after-tax agencies aggregate demand aggregate supply amount of investment billion borrow business cycle changes classicalists competition Congress consumption and investment consumption function cost crease decrease deficit economic activity economic policies economists efficiency of capital emergency government spending equilibrium full employment government spending income-expenditure analysis inflationary interest rates Keynes Keynesian economics labor Laffer curve less than full level of economic level of employment levels of income lower mand marginal efficiency marginal propensity ment nomics offset percent period ployment President Reagan President's production profit propensity to consume proposals purchasing power raise the level rate of interest rational expectations reduce regular government spending regulations result savings Say's Law short run shown in Figure stability stagflation supply-side economics tax credits tax cuts tax rates tax reduction tax revenue Tax Wedge tion total effective demand total output unemployed wage workers