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Title: CRS84798Lpage61
Page from: info:fedora/mu:77086
Text: THE END OF REPUBLICAN ECONOMICS The Supply-Side Revolution: An Insider's Account of Policymaking in Washington by Paul Craig Roberts if _g _/Harvard University Press, 328 pp., $18.50) Presidential Economics: The Making of Economic Policy from Roosevelt to Reagan and Beyond by Herbert Stein ‘(Simon and Schuster, 414 pp., $16.95) Presidents typically try to arrange things so the economy booms

Title: CRS84798Lpage114
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Title: CRS84798Lpage112
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Title: CRS84798Lpage107
Page from: info:fedora/mu:77086
Text: 6 BOOK WORLD] FEBRUARY 26. I984 Reproduced with the permission of the Washington Post, @1384 from Washington Post Book ’ THE SUPPLY-SIDE REVOLUTION: An Insider's Ac- count of Policymaking in Washington. By Paul Craig Roberts. Harvard University Press. 327 pp. $18.50 By JOHN TRAIN HIS is a surprisingly interesting book, and one that needed to bewritten. I say surprising, because like most

Title: CRS84798Lpage111
Page from: info:fedora/mu:77086
Text: the missing theory and empirical data to back up the supply-side case. ” Berry is a Washington Post staff writer. -I 1980» and 1981 tax acts will reduce , that rate to about 15 percent in the 1983-86 period," Bosworth de- clares. ~ 49

Title: CRS84798Lpage109
Page from: info:fedora/mu:77086
Text: RErIE supply-side Theory Reproduced with the permission of the Washington Post Company @1984 A-ug- 12, 1981+ F1». By John M. Berry The economic policy mix adopted in 1981 to promote long-term eco- nomic growth was “exactly the op- posite” of what was needed, accord- ing to a new book by Brookings in- ~ stitution economist Barry Bos- =3 _ worth, - ;_ . labeled as responsible for the poor

Title: CRS84798Lpage113
Page from: info:fedora/mu:77086
Text: , the economic illusion simply parades as a rationale for inequality. It is, as Kuttner describes it, “self- interest masquerading as technical imperative.” Its spokesmen tell iis that equality will sap our initiative but they do not ex- plain that the measures to prevent this, such as the Reagan tax bill, give a 16 percent tax saving to families with incomes over $200,000 and a 21 percent increase to families

Title: CRS84798Lpage108
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Title: CRS84798Lpage106
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Title: CRS84798Lpage110
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Title: CRS84798Lpage53
Page from: info:fedora/mu:77086
Text: or VALOR (AND DISCRETION) 4 Tom Bethell 44‘; Supply-Side Revolution. by Paul Craig Roberts (Harvard, 3]! pp.. $18.50) THE KEY insight of the supply-side movement was simply this: It is po- litically. possible to cut tax rates, while it is impossible to cut spending. (Fed- eral spen:ding has not been out since the end of the Korean War.) This had not been grasped——-and it still has not

Title: CRS84798Lpage57
Page from: info:fedora/mu:77086
Text: THE FRIEDMAN PROBLEM A William F. Rickenbacker Tyranny of the Status Quo, by Milton and Rose Friedman (Harcourt, Brace, 182 pp.. $10.95) ERE’S ANOTHER short and spicy mes- sage from the ever gallant, charm- ing, patriotic, and freedom-loving Fried- mans, gradingMr. Reagan’s first couple of years in office (he gets a low pass, I gather), and offering some programs for future action. Devotees

Title: CRS84798Lpage59
Page from: info:fedora/mu:77086
Text: freely to have chosen to ignore this important his- torical episode. Ignoring the experience of free-mar- ket fractional-reserve gold-based bank- ing systems, the Friedmans treat a commodity money——in practice, gold‘ coins-——as the only alternative to a governmental monopoly. They then at- tack the gold standard by attacking the experience of this country from 1800 to 1934 or so. But, for most

Title: CRS84798Lpage55
Page from: info:fedora/mu:77086
Text: - ported in the daily papers, supple- mented by Roberts’s own Treasury memos. Still, it is a valuable account, and Craig Roberts deserves our grati- tude. Few people in Washington have 44 Nanomu. REVIEW / June 1, 1984 brought as much commitment and in- tensity to the tight for liberty. Without his formidable support, the supply-side movement today would be much en- ieebled. Cl 21

Title: CRS84798Lpage56
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Title: CRS84798Lpage60
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Title: CRS84798Lpage52
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Title: CRS84798Lpage54
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Text: .. .;..

Title: CRS84798Lpage58
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Title: CRS84798Lpage97
Page from: info:fedora/mu:77086
Text: monetary policy. In chapter 9, Bryant presents a detailed discus- sion of Fed policy in the 1979-82 period. He exam- ines the mechanics of the Fed's process in pursuing its monetary targets and looks at how successfully those targets have been achieved. He discusses the 1979 change in Fed operating procedure and con- siders its significance. Also, he gives recommenda- tions for the best procedure

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