With his tax rebate policy, President Bush has put economic policy back on a Keynesian basis. Will it work?
During the two decades it was in effect, supply-side economics had restorative effects on the American economy. Its predecessor, Keynesian demand management, stimulated demand more than supply. Consequently, over time the tradeoffs between employment and inflation worsened, and for a while it appeared that inflation and unemployment would rise together. The breakdown of the Keyne ...
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