|
Supply-side economics is a macroeconomic theory which argues that economic growth can be most effectively created by investing in capital, and by lowering barriers on the production of goods and services. According to supply-side economics, consumers will then benefit from a greater supply of goods and services at lower prices; furthermore, the investment and expansion of businesses will increase the demand for employees and therefore create jobs. Typical policy recommendations of supply-side economists are lower marginal tax rates and less government regulation. The term "supply-side economics" was thought, for some time, to have been coined by journalist Jude Wanniski in 1975, but according to Robert D. Atkinson's ''Supply-Side Follies'',〔Atkinson, Robert D. Supply-side Follies: Why Conservative Economics Fails, Liberal Economics Falters, and Innovation Economics Is the Answer. Lanham: Rowman & Littlefield, 2006. p. 50. Print.〕 the term "supply side" ("supply-side fiscalists") was first used by Herbert Stein, a former economic adviser to President Nixon, in 1976, and only later that year was this term repeated by Jude Wanniski. Its use connotes the ideas of economists Robert Mundell and Arthur Laffer. Supply-side economics is likened by critics to the theory of trickle-down economics, which may, however, not actually have been seriously advocated by any economist in that form. The Laffer curve illustrates a central theory of supply-side economics, that lowering tax rates may generate more government revenue than would otherwise be expected at the lower tax rate because moving off of a prohibitively high tax system could generate more economic activity, which would lead to increased opportunities for tax revenues.〔("The Laffer Curve," ) The Laffer Center, ''laffercenter.com''〕 However, the Laffer curve only measures the rate of taxation, not tax incidence, which is a stronger predictor of whether a tax code change is stimulative or dampening. In addition, studies have shown that tax cuts done in the US in the past several decades seldom recoup revenue losses and have minimal impact on GDP growth.〔 〕 == Historical origins == Supply-side economics developed during the 1970s in response to Keynesian economic policy, and in particular the failure of demand management to stabilize Western economies during the stagflation of the 1970s.〔Case, Karl E. & Fair, Ray C. (1999). ''Principles of Economics'' (5th ed.), p. 780. Prentice-Hall. ISBN 0-13-961905-4.〕 It drew on a range of non-Keynesian economic thought, particularly the Chicago School and Neo-Classical School.〔https://books.google.co.uk/books?id=-zVTD8v_qlsC&pg=PA105&lpg=PA105&dq=supply+side+economics+chicago+school&source=bl&ots=SxMHIDvdL4&sig=5yhDLep2Qo701UChGMkscp0pcFk&hl=en&sa=X&ved=0CFYQ6AEwCGoVChMIqKvE0OfbyAIVQmsUCh1IVAgr#v=onepage&q=supply%20side%20economics%20chicago%20school&f=false〕〔https://books.google.co.uk/books?id=s8SEaWZrSEQC&pg=PA5&lpg=PA5&dq=neoclassical+supply+side+economics&source=bl&ots=xxp_fFF4kZ&sig=gHOR2-fqEuVdz-dKT3afaRuTjmY&hl=en&sa=X&ved=0CEkQ6AEwBmoVChMI1bPa-OfbyAIVgr8UCh156wWK#v=onepage&q=neoclassical%20supply%20side%20economics&f=false〕 Bruce Bartlett, an advocate of supply-side economics, traced the school of thought's intellectual descent from the philosophers Ibn Khaldun and David Hume, satirist Jonathan Swift, political economist Adam Smith, and even United States 'Founding Father' Alexander Hamilton. However, what most separates supply-side economics as a modern phenomenon is its argument in favor of a low tax rate for primarily collective and notably working-class reasons, rather than traditional ideological ones. Classical Liberals opposed taxes because they opposed government, taxation being the latter's most obvious form. Their claim was that each man had a right to himself and his property and therefore taxation was immoral and of questionable legal grounding.〔Gray, pp. 26–27 ''Liberalism''. Minneapolis: University of Minnesota Press, 1995. ISBN 0-8166-2801-7〕 Supply-side economists, on the other hand, argued that the alleged collective benefit (i.e. jobs) provided the main impetus for tax cuts. As in classical economics, supply-side economics proposed that production or supply is the key to economic prosperity and that consumption or demand is merely a secondary consequence. Early on this idea had been summarized in Say's Law of economics, which states: "A product is no sooner created, than it, from that instant, affords a market for other products to the full extent of its own value." John Maynard Keynes, the founder of Keynesianism, summarized Say's Law as "supply creates its own demand." He turned Say's Law on its head in the 1930s by declaring that demand creates its own supply.〔Malabre, Jr., Alfred L. (1994). ''Lost Prophets: An Insider's History of the Modern Economists'', p. 182. Harvard Business School Press. ISBN 0-87584-441-3.〕 In 1978, Jude Wanniski published ''The Way the World Works'', in which he laid out the central thesis of supply-side economics and detailed the failure of high tax-rate progressive income tax systems and U.S. monetary policy under Nixon in the 1970s. Wanniski advocated lower tax rates and a return to some kind of gold standard, similar to the 1944–1971 Bretton Woods System that Nixon abandoned. In 1983, economist Victor Canto, a disciple of Arthur Laffer, published ''The Foundations of Supply-Side Economics''.〔 〕 This theory focuses on the effects of marginal tax rates on the incentive to work and save, which affect the growth of the "supply side" or what Keynesians call potential output. While the latter focus on changes in the rate of supply-side growth in the long run, the "new" supply-siders often promised short-term results. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Supply-side economics」の詳細全文を読む スポンサード リンク
|