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Great Experiments in American Economic Policy - From Kennedy to Reagan (Hardcover, New)
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Great Experiments in American Economic Policy - From Kennedy to Reagan (Hardcover, New)
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During the 1980s, dramatic changes in the federal budget, the
Federal Reserve, and the U.S. Treasury initiated the most
comprehensive series of economic experiments since the 1930s. This
book describes the nature of those experiments and compares them to
the Keynesian experiment of the 1960s. In the 1980s, monetarists
claimed their policies would permanently subdue inflation and
unemployment; supply-siders said their tax cuts would give the
economy new life with accelerated growth and a balanced budget; and
free floaters promised unprecedented stability in international
markets. Actual results fell far short of these promises. This book
analyzes why the economic events of the 1980s unfolded as they did
and what bearing the results have on the future of economics and
the U.S. economy. During the 1980s, dramatic changes in the federal
budget, the Federal Reserve, and the U.S. Treasury initiated the
most comprehensive series of economic experiments since the 1930s.
This book describes the nature of those experiments and compares
them to the Keynesian experiment of the 1960s. The promises that
the economic experimenters made in the 1980s were bold and
confident: monetarists claimed their policies would permanently
subdue inflation and unemployment; supply-siders said their tax
cuts would give the economy new life with accelerated growth and a
balanced budget; and free floaters promised unprecedented stability
in international markets. Actual results fell far short of these
ambitious promises. At first the economists denied that their
experiments had failed, but when they were faced with
overwhelmingly negative results that were impossible to ignore,
they blamed each other for the failure. After beginning the decade
as a united front against liberalism, the monetarists,
suppply-siders, and free floaters ended the decade hopelessly
divided. This book sorts out the actual occurrences of the 1980s.
It analyzes why events unfolded as they did, what bearing the
results have on the future of economics and the U.S. economy, what
can be explained, and what mysteries remain.
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