"Ideology & Supply-Side Economics," Commentary, April 1981.
The terms being applied—by the media, by politicians, by economists—to President Reagan’s economic program, and most particularly to the tax-cutting aspect of this program, are “bold,” “revolutionary,” “a risky experiment,” and so on. Clearly, a great many people are nervous about “supply-side” economics, and seem to have difficulty understanding its rationale. This is quite odd. For there is nothing really bold, or revolutionary, or experimental about this program. Nor is it at all difficult to understand.