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CRS84798Lpage107
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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
CRS84798Lpage111
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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
CRS84798Lpage109
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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
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, 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
CRS84798Lpage108
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CRS84798Lpage106
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CRS84798Lpage110
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CRS84798Lpage53
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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
CRS84798Lpage57
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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
CRS84798Lpage59
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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
CRS84798Lpage55
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- 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
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CRS84798Lpage54
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.. .;..
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CRS84798Lpage97
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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
CRS84798Lpage105
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Presidential Purse Strings nesaoenruu ECONOMICS: The Making of Eco- nomic Policy from Roosevelt to Reagan and Be- yond. By Herbert Stein. Simon and Schuster. 414 pp. . _ $16.95" By sruanr saucusr ’ HE “great traumas” of American economic in T the past half century or so, Herbert Stein believes—- oorrectly, in my judgment--have been associated with unemployment and inflation
CRS84798Lpage99
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»Reproduced with the permission of the Wall Street Review 224-227. Wm. Craig Stubblebine and Thomas D. Willett, Editors REAGANOMICS: A MIDTERM REPORT. San Francisco Institute for Contemporary Studies, 1983. 232 pp. $14.95. ISBN O-9l76l6-54-5 Reviewer: JOHN C. GREEN Furman University The long predicted upturn in the economy is underway, giving politicians and pundits a much needed rest
CRS84798Lpage101
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program for a number of years were to some extent surprised by how quick and easy our victories in 1980 and 1981 seemed to have come. Our difficulties this year have brought us back to the reality that the battle for good economic policy will require a long-term commitment...in educat- ing the American people and the news media 44 226 ...that long run economic growth can be obtained only with

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