Does anyone out there have an negative opinion of Jude Wanniski's basic economic model?

Question

This is more of an Economics question but this is the closest category. Jude Wanniski is the author of "the Way The World Works and a major proponent of supply side economics. I just finished reading the book and can't find much if any fault in his models, but since he is writing from a perspective I share I realize I could be biased.

Please know the diffrence between Trickle down which is a Demand side Keynesian model and Supply side before answering.

Answer 1

I've never seen entitlements create wealth or appreciation for the suppliers of the entitlements. I have seen hatred created from both sides over entitlements.

Personally we are most likely headed for the economy of 1850 by the year 2050 if we can't find a economical replacement for fossil fuels.

Answer 2

Most Americans are sick and tired of being "Trickled" on!!! Supply Side Economics have been proven to be based on a completely bogus economic model!!! I do believe, the economy, during the Ronny Ray-Gun/GHW Bush years, as opposed to the Clinton years, were evidence enough, for most Americans!!! To have it all repeated, under the present administration, is just about the last straw, with more than 2/3 of American voters, who now plan to vote the Republicans out, in the upcoming Mid-Term elections!!! George Bush and his "Supply Side" cohorts have done great things, for the upper 1 to 2 percent of the population, who naturally say, the economy is booming, but, to the average working class American, it's getting to the point, where the end of the money comes, long before the end of the month!!! That's why, for all practical purposes, this administration has efectively killed the Republican Party, in the eyes of most American voters!!! In years to come, Republicans will find it increasingly harder to get elected, even as a dogcatcher, in most towns and cities across the country!!! If you doubt this, turn off Faux News, and get out there, in the streets, and talk to working cllass voters, who live in the REAL world, instead of in Bush's "Fantasy" world!!!

Doc

Answer 3

Some of these authors should take a look at what happened in Washington state when a dem. governor decided how to raise taxes..This following a very jaded election process. As every man knows, the 3rd time is the charm. That is what it took to win the election. Amazing how many votes were found.. albeit, not all alive either. But the economy moves on, with some very disgruntled electorates.

Answer 4

My critique of supply side economics generally is that market forces don't optimally deal with social costs and benefits and tend to create wildly uneven wealth distribution and extreme wealth concentration which creates distortions that are not self-correcting, but are in fact self-perpetuating. I suspect that is what Wanniski meant when he said, "Bad socialism is better than bad capitalism. But good capitalism is better than the best socialism out there." I am not convinced that our economic system, which involves capitalist elites who have purchased near unchallenged political and thus regulatory control of the market, allows the kind of access that promotes what Jude called "Good Capitalism." So I don't have a particular criticism of the supply side model except that I don't believe it's other than an impossible abstract.

Answer 5

I read a brief synopsis on Wiki. Looks good to me. I too share that prospective.

However, I often understand the other side's argument, if it based on sound theory rather than emotional need to be right.

As I write this, I'm within 10 miles of where he died.

I must get the book from the library to read some more.

Answer 6

Arbuckle doc seems to. But then sipping on cool aide instead of studying the facts will always get these results.