The Soviet-ness of Supply Side Economics
I was sitting in a macro-economics class in college when Reagan announced a dramatic change in decades of Keynesian economic policy . He was shifting the United States economic policy from demand-side economics to supply-side economics. Keynesian economics had been used since the great depression, and is generally referred to "demand-side" economics. It essentially states that the demand for a product will drive the supply. Prior to that, aggregate supply-side economics had been employed. I remember on that day that my economics professor had simply stated that supply-side economics was a robber baron's wet dream, in essence, and wouldn't serve the general populace well. The problem with supply-side economics is that it estimates demand, irrespective of what actual demand -- or critical need -- may be. Which brings us to today, the complete lack of the basics one needs to successfully navigate a pandemic, and a sudden realization: Supply-side economics i
