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"Trickle-down economics", also referred to as "trickle-down theory", is a populist political term used to characterize economic policies as favoring the wealthy or privileged. There is no "trickle down" economics as defined by economists, the term is almost exclusively used by critics of policies with other established names.〔("The Trickle-Down Lie" ) by Thomas Sowell〕 It is usually associated with criticism of ''laissez-faire'' capitalism in general and more specifically supply-side economics. The term originated in United States politics. It has been attributed to humorist Will Rogers, who said during the Great Depression that "money was all appropriated for the top in hopes that it would trickle down to the needy." In recent history, the phrase is most closely identified with critics of the economic policies known as "Reaganomics". David Stockman, who as Reagan's budget director championed Reagan's tax cuts at first, but then became critical of them, told journalist William Greider that the "supply-side economics" is the trickle-down idea: "It's kind of hard to sell 'trickle down,' so the supply-side formula was the only way to get a tax policy that was really 'trickle down.' Supply-side is 'trickle-down' theory."〔("The Education of David Stockman" ) by William Greider〕〔William Greider. ''The Education of David Stockman.'' ISBN 0-525-48010-2〕 Political opponents of the Reagan administration soon seized on this language in an effort to brand the administration as caring only about the wealthy.〔()〕 ==Context== Although the term "trickle down" is mainly political and does not denote a specific economic theory, some economic theories reflect the meaning of this pejorative. Some macro-economic models assume that a certain proportion of each dollar of income will be saved. This is called the marginal propensity to save. Many studies have found that the marginal propensity to save is considerably higher among wealthier people. However it is unclear whether the reasons are because of variation in accumulated wealth the consequence of choice (preferences and tastes) or chance.〔http://webcache.googleusercontent.com/search?q=cache:6ttf7thTIjoJ:https://www.dartmouth.edu/~jskinner/documents/DynanKEDotheRich.pdf+&cd=1&hl=en&ct=clnk&gl=us〕 Policies, including tax cuts, that seek to increase saving are often aimed at the wealthy for this reason.〔Paukert F. Income distribution at different levels of ... garfield.library.upenn.edu/classics1987/A1987J366200001.pdf〕 All else equal, an exogenous rise in the amount of money saved results in some form of investment in a healthy economy, as it will increase the supply of deposits at banks will reduce the price of borrowing for both the corporate and the household sector, stimulating investment. Economist Thomas Sowell has challenged the term's applicability, writing that the actual path of money in a private enterprise economy is quite the opposite of that claimed by people who refer to the trickle-down theory. He noted that money invested in new business ventures is first paid out to employees, suppliers, and contractors. Only some time later, if the business is profitable, does money return to the business owners—but in the absence of a profit motive, which is reduced in the aggregate by a raise in marginal tax rates in the upper tiers, this activity does not occur.〔Thomas Sowell. ''Basic Economics: A Citizen's Guide to the Economy.'' ISBN 0-465-08138-X〕 In the early 1990s ''Congressional Records,'' non-pejorative uses of the term are rare but do appear.〔Lane Evans. ''Congressional Record,'' March 13, 1990.〕〔Helen Delich Bentley. ''Congressional Record,'' July 24, 1989.〕〔Jay Rockefeller. ''Congressional Record,'' July 26, 1991.〕〔Sam Farr. ''Congressional Record,'' July 21, 1994.〕 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「Trickle-down economics」の詳細全文を読む スポンサード リンク
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