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Definition: supply-side economics from Collins English Dictionary

n

1 (functioning as singular) a school of economic thought that emphasizes the importance to a strong economy of policies that remove impediments to supply


supply-side economics

From The Columbia Encyclopedia
economic theory that concentrates on influencing the supply of labor and goods as a path to economic health, rather than approaching the issue through such macroeconomic concerns as gross national product. In the United States during the 1980s, supply-side economics was associated with conservative proponents of the free-market system. Such measures as tax cuts and benefit cuts to the unemployed are basic supply-side tactics, with the intention of increasing the incentive to work and produce goods and services. The theory holds that high marginal tax rates and government regulation discourage private investment in areas that fuel economic expansion, and that more capital in the hands of the private sector will “trickle down” to the rest of the population. The theory gained popularity during the late 1970s, with a tax revolt in California and economic hardship during the Carter administration (1977–81). Arthur Laffer and his “Laffer curve” doctrine became the heart of the economic…
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Full text Article supply-side economics

From Encyclopedia of American Government and Civics
Supply-side economics may be the oldest school of modern economics. Its ideas go back to Adam Smith, whose Wealth of Nations (1776) emphasized the growth of the productive capacity (or potential) of a market economy: Expanding the extent of the market allows greater division of labor…
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Full text Article Supply-Side Economics

From The Oxford Encyclopedia of American Business, Labor, and Economic History
Supply-side economics is generally seen as a form of ersatz economics, that is, a mostly random set of propositions lacking both consistency and structure. It was widely discussed in the early 1980s when it became the basis for President Ronald Reagan's so-called supply-side tax cuts. Its advocates…
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Full text Article Supply-Side Economics

From Culture Wars in America: An Encyclopedia of Issues, Viewpoints, and Voices
Supply-side economics is an approach pioneered in the 1970s that stresses the role of tax cuts in creating economic incentives and in fostering economic growth. Supply-side economics is commonly set in opposition to the demand-side perspective of Keynesian and monetarist economics. The intellectual…
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Full text Article supply-side economics

From The Columbia Encyclopedia
economic theory that concentrates on influencing the supply of labor and goods as a path to economic health, rather than approaching the issue through such macroeconomic concerns as gross national product. In the United States during the 1980s, supply-side economics was associated with conservative…
| 266 words
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Full text Article Supply-Side Economics

From Gale Encyclopedia of U.S. Economic History
The theory of supply-side economics, most notably revived in the United States in the late 1970s and early 1980s to address stagflation (a combination of high inflation and high unemployment), contends that the best method of stimulating economic growth is to create conditions favorable to the…
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Full text Article supply-side economics

From The New Penguin Business Dictionary
The area of economics concerned with the capacity of the economy to deliver outputs, rather than with the level of spending or demand for those products. Supply-side economics is most often used to describe the preoccupation of those in the profession who are sceptical of the power of conventional…
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Full text Article supply-side economics

From The Hutchinson Unabridged Encyclopedia with Atlas and Weather Guide
School of economic thought advocating government policies that allow market forces to operate freely, such as privatization, cuts in public spending and income tax, reductions in trade-union power, and cuts in the ratio of unemployment benefits to wages. Supply-side economics developed as part of…
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Full text Article supply-side economics

From Collins Dictionary of Economics
the branch of economic analysis concerned with the productive capability of an economy ( POTENTIAL GROSS NATIONAL PRODUCT ) and with policies that attempt to expand the stock of factors of production and to improve the flexibility of factor markets so as to generate the largest possible output for a…
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Full text Article supply-side economics

From Routledge Dictionary of Economics
A major US school of economics which inspired the economic policies of the USA under President Reagan and of the UK under Prime Minister Thatcher. Opposing the keynesian view that aggregate demand is central to determining the level of economic activity, supply-siders place emphasis on aggregate…
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Full text Article supply-side economics

From Britannica Concise Encyclopedia
| 83 words
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