The Public Interest

"Supply-side" economics - theory and results

Paul Craig Roberts

Fall 1988

WHEN JOHN F. KENNEDY was elected President of the United States in 1960, Keynesian economic policy entered its American heyday. Keynesianism had been entrenched in the universities for over a decade, and a generation of journalists and civil servants had been instructed in its principles.  There were few critics, and no one paid them any attention. For twenty years it had free rein; the implementation of Keynesian theory, however, culminated in “stagflation.”

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