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The eight years of the Reagan administration have left an indelible imprint on U.S. economic policy. Although the term Reaganomics is employed by both the general public and academic economists, there is still no consensus as to what the overall impact of Reaganomics has been for the country. This work, a wide-ranging collection of essays and commentaries, analyzes the empirical evidence that comprises the Reagan economic legacy. By detailing that legacy's successes, such as low unemployment and economic growth, and its negative effects, including unprecedented deficits and regulatory chaos, the editors provide some tentative conclusions as to whether the Reagan years produced an economic miracle or paved the way for economic disaster.
The volume concentrates on the first level of economic impacts, covering the issues of supply-side economics, the regulatory environment, monetary policy, and foreign trade. Under each topic, groups of essays and commentaries present alternative interpretations of the Reagan legacy. Tax policy and business fixed investment, the effects of supply-side policies on labor supply, tax reform and deregulation are addressed in the supply-side section; interest rates and monetary policy objectives and realizations comprise the monetary policy section; and trade policy, trade deficit, and exchange rates are discussed in the international trade section. A final essay offers an alternate view of the Reagan legacy that attempts to synthesize the divergent theories. This work will be an important new resource for courses in economics and political science, as well as a worthy addition to college, university, and public libraries.
List of contents
Preface
Introduction
The Economic Legacy of the Reagan Years: Euphoria or Chaos? by Anandi P. Sahu and Ronald L. Tracy
Supply-Side Fiscal PoliciesTax Policy and Business Fixed Investment during the Reagan Era by Charles W. Bischoff, Edward C. Kokkelenberg, and Ralph A. Terregrossa
The Supply-Side Legacy of the Reagan Years: Effects on Labor Supply by Gary Burtless
Two Revolutions in Economic Policy: Growth-Oriented Macro Policy in the Kennedy and Reagan Administrations by Laurence H. Meyer, Joel L. Prakken, and Chris P. Varvares
Economic Efficiency in Recent Tax Reform History: Policy Reversals or Consistent Improvements? by Don Fullerton and James B. Mackie
The Reagan Economic Performance by Thomas G. Moore
Deregulation and the Free-Market IdeologyThe Reagan Regulatory Regime: Reality vs. Rhetoric by Peter J. Boettke
Securities Regulation During the Reagan Administration: Corporate Takeovers and the 1987 Stock Market Crash by Jeffry Davis and Kenneth Lehn
Monetary Policy and the Federal ReserveInterest Rates in the Reagan Years by Patric H. Hendershott and Joe Peek
Monetary Policy in the 1980s: Admirable Objectives and Failed Realizations by Robert H. Rasche
Monetary Policy in the Reagan Era by Martha Seger
International TradeTrade Policy of the Reagan Years by Alan V. Deardorff
The Reagan Trade Deficit: A Bilateral Analysis by Steven Husted
Exchange Rates During the Reagan Years by Craig S. Hakkio
An Alternative Theoretical SynthesisThe Reagan Legacy: Unwarranted Optimism or Unfolding Opportunities? by Roger C. Kormendi
Index
About the author
ANANDI P. SAHU is Assistant Professor of Economics at Oakland University.
RONALD L. TRACY is Associate Professor and Chairman of the Department of Economics at Oakland University.
