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To: JF Quinnelly who wrote (69847)	1/12/2009 2:41:08 PM
From: koan	Read Replies (3) of 71178

JF: << And you think supply-side is what, exactly? Do these mainstream economists construct graphs with just demand curves? I suspect that most mainstream economists know that demand-side stimulation during the Carter years fueled inflation. That shifting the supply curve to the right increased the production possibility frontier and allowed demand stimulation to result in economic growth<< koan: I think you have your facts mixed up a bit. It was not the Carter stimulous package that caused inflation. There was none. It was the "guns and butter" i.e. The Viet Nam war expenditures and LBJ's great society progams that caused inflation. Inflation was raging before Carter. Remember Fords: "WIN" program, "win against inflation". Suppyside economics has this simplistic idea that as you reduce taxes revenue will increae to make up the difference. Well, that only works up to a point and the gigantic deficits the Republcians gave us over the last 30 years are proof of that. The 60's was the first existential movement in the history of mankind. As such it was as important as the industrial revolution. 60's: Until the 60's everyone on earth lived according to whatever dogma their parents and society presented to them at birth. The children of the 60's said: "wait a minute I have the right to live my life any way I want as long as I do not hurt anyone". Pretty big cultural change which is easily evidenced today. Conservatives never got it!! As Bob Dylan said: "something is happening here and you don't know what it is, do you Mr Jones?"-lol.

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