| | supply-side remedies was that they cut output..." Would you agree that use of the term "supply-side" here is unorthodox, or novel, given that in 1989, supply side generally referred to incentives, not the labor pool. [[User:RobSmith|Rob Smith]] 22:45, 21 January 2010 (EST) | | supply-side remedies was that they cut output..." Would you agree that use of the term "supply-side" here is unorthodox, or novel, given that in 1989, supply side generally referred to incentives, not the labor pool. [[User:RobSmith|Rob Smith]] 22:45, 21 January 2010 (EST) |
| | :::::::yes it was novel. The point is that supply side can be either positive or negative (that is, increase supply or decrease supply) and the New Deal was negative. They did that because they believed in the theory of economic maturity developed by Alvin Hansen to the effect that the economy was fully grown and would not be growing any more. Therefore pro-growth solutions, they thought, were a mistake. Conservative economists at the time opposed this idea. The most important conservative economists were Raymond Moley, Gotfried Haberler, George Terborgh, Frank Knight, Oskar Morgenstern, Henry Simons, Joseph Schumpeter, and William Fellner (Fellenr was my economics professor at Yale, where I took my PhD minor in economics). [[User:RJJensen|RJJensen]] 02:01, 22 January 2010 (EST) | | :::::::yes it was novel. The point is that supply side can be either positive or negative (that is, increase supply or decrease supply) and the New Deal was negative. They did that because they believed in the theory of economic maturity developed by Alvin Hansen to the effect that the economy was fully grown and would not be growing any more. Therefore pro-growth solutions, they thought, were a mistake. Conservative economists at the time opposed this idea. The most important conservative economists were Raymond Moley, Gotfried Haberler, George Terborgh, Frank Knight, Oskar Morgenstern, Henry Simons, Joseph Schumpeter, and William Fellner (Fellenr was my economics professor at Yale, where I took my PhD minor in economics). [[User:RJJensen|RJJensen]] 02:01, 22 January 2010 (EST) |