Chapter

Supply‐Side Macroeconomics

Edmund S. Phelps

in Seven Schools of Macroeconomic Thought

Published in print May 1990 | ISBN: 9780198283331
Published online November 2003 | e-ISBN: 9780191596766 | DOI: http://dx.doi.org/10.1093/0198283334.003.0005

Series: Ryde Lectures

 Supply‐Side Macroeconomics

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This chapter gives a review of the development and theory of supply‐side macroeconomics, which made its first appearance with a provocative pamphlet on the fiscal–monetary policy mix in the USA written by Robert A. Mundell in 1971. Supply‐side doctrine holds that the prosperity of a country, as measured by current real income or aggregate employment, depends to an important degree on the mix of fiscal and monetary policies followed by the national government. The policy conclusions it reaches (or glimpses) stand in contrast to the policy recommendations that are traditional in the monetarist and Keynesian camps.

Keywords: economic theory; fiscal policy; macroeconomics; monetary policy; reviews; supply‐side economics

Chapter.  5586 words.  Illustrated.

Subjects: Macroeconomics and Monetary Economics

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