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May 04, 2009

A day in the life of a supply side economist

Funny, from McSweeney's.

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The piece seems to confuse supply-siders with Austrians. Supply-siders prescribe tax cuts as the universal solution, but they definitely don't oppose fiat currency or insist on the gold standard. Not all of them are anti-Keynes, either - some argue for tax cuts from a Keynesian stimulus perspective.

For what it's worth, I'm pretty sure Jude Wanniski is both a supply-sider and a gold bug. I think that there's a pretty good overlap between gold bugs and supply-siders.

It appears that I have used the wrong tense for Jude Wanniski, who was, rather than is, a supply-sider and a gold bug. May he rest in peace.

Fair enough... but I don't think Laffer is a goldbug, or for that matter Mankiw, who shills for the supply-siders even if he's not one himself. Conversely, Hayek and von Mises were for tax cuts because they thought taxes were anti-freedom, not because they'd increase tax revenue.

Meanwhile, there's no mention of Chicago economics, which is the main school associated with conservative ideas, personified in the various stimulus skeptics Krugman's been arguing with for months.

Krugman, Reich, Mark Zandi, Summers the real arguments are amongst them not between them and the fringe- supply siders, Austian and Chicago nescients

You can argue that Reich is right and the Chicago school is wrong, but it's stupid to say that Reich is mainstream and Chicago is fringe.

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