The confidence fairy con-trick hits Kansas

Even in 1982, up the back of the lecture theatre playing Battleships with Don Maclennan, the economics lessons covering supply-side theories seemed far-fetched. What was the point of theorising about supply if people didn’t have the means or confidence to purchase stuff – the demand? Economists, often reluctant to let common sense get in the way of a new theory, especially one that offers popularity and more lucrative career paths, saw it differently. And so for the past 35 years we’ve been living under the spell of what Paul Krugman calls the confidence fairy. If a government lowers taxes and deregulates,...

Even in 1982, up the back of the lecture theatre playing Battleships with Don Maclennan, the economics lessons covering supply-side theories seemed far-fetched. What was the point of theorising about supply if people didn’t have the means or confidence to purchase stuff – the demand?

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