Econoclasts: The Rebels who Sparked the Supply-side Revolution and Restored American Prosperity
Many Americans struggling to come to grips with the economic crisis have compared the current situation to the Great Depression of the 1930s. Strangely, they have not thought to make a comparison closer in time: to the ruinous 'stagflation' of the late 1970s. But now, in the riveting and genuinely groundbreaking book Econoclasts, historian Brian Domitrovic reminds us that the greatest and most consequential of the twentieth century's economic counterrevolutions emerged in response to the 1970s crisis: supply-side economics. In a pulsing narrative, Domitrovic tells the incredible story of the economists, intellectuals, journalists, and policy wonks who showed America how to get out of the 1970s funk and who ushered in an unprecedented quarter-century run of growth and expansive entrepreneurial opportunity. Based on the author's years of archival research, Econoclasts explodes numerous myths about supply-side economics, which flew in the face of the dominant economic thinking of the time and is frequently disparaged even today. Supply-side economics succeeded, Domitrovic shows, because it restrained the two great means of governmental intervention in the economy, the income tax and the Federal Reserve. Econoclasts is a masterful narrative history in the tradition of Amity Shlaes' The Forgotten Man and John Steele Gordon's An Empire of Wealth. It is also impeccably timely: this is a story we must know if we are to understand the foundation of America's prosperity - a foundation that is now under increasing attack.
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American Bartley Bartley's bill billion bond bracket creep Bretton Woods budget deficit capital gains capital-gains tax Carter central banks Congress currency Cut Taxes Democrats Depression dollar economists effect Entin ERTA Evans and Novak Federal Reserve Feldstein fiscal forecast Friedman going gold standard growth income inflation interest rates investment Jack Kemp Journal Jude Wanniski Kemp Kemp-Roth Keynes Keynesian Laffer Laffer curve Lehrman Michael monetarism monetary policy Mundell Mundell-Fleming model Mundell's nation Nixon paper Paul Craig Roberts percent Phillips curve policy mix political president price of gold prosperity rate cuts Reagan Reaganomics recession Republican revenue Robert Bartley Robert Mundell Rutledge Seven Fat spending stability stagflation Steiger amendment Stockman supply-side economics Supply-Side Revolution tax code tax cuts tax increases tax rates theory things tion top rate Treasury Ture unemployment United Volcker Wall Street Wanniski wrote York