2013년 4월 7일 일요일

[메모] What George H.W. Bush once described as "Voodoo economics" ...


Did it refer to monetarism, supply-side economics, or both?

There seem to be some writers who just think an argument of their own can be constructed by gathering things happened and puting them in some places within those things just gathered in any order. Not bad for a writing exercise for themselves, but I wish they were willing to search around and took sufficient trouble to verify the exact meaning of those things thus gathered if they wanted to publish it. Being a translator I pay some of my labor here below about not so important phrase:

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자료 1: Keynesian Economics, the Cancer in America (John Shannon, 2012)

( ... ) Supply-side economics is another school of economic thought that is currently fading in America. This school of thought grew at the same time and for the same reason as monetarism and was also used by the Reagan administration. Together, Supply-side Economics and Monetarism was first used by Reagan and collectively was called Reaganomics. Reaganomics also called "Voodoo Economics" by George Bush in his bid for election against Ronald Reagan in 1980. ( ... )


자료 2: http://www.investopedia.com/terms/v/voodooeconomics.asp

Voodoo economics: A slanderous term used by George H. W. Bush in reference to President Ronald Reagan's economic policies, which came to be known as "Reaganomics." Before President Bush became Reagan's vice president, he viewed his eventual running mate's economic policies less than favorably. Reagan was a proponent of supply-side economics, favoring reduced income and capital gains tax rates


자료 3: NBC Nightly News (Event Date: 04/10/1980 | Air/Publish Date: 02/10/1982)

JOHN CHANCELLOR, anchor:

Voodoo economics, that’s how candidate George Bush described candidate Ronald Reagan’s policy during the 1980 Presidential Primaries. Mr. Reagan is now Vice President Bush’s boss and the phrase is something of an embarrassment. In fact, Bush said this week he never said it, but the record rather vividly proves otherwise. Ken Bode has the story.

KEN BODE reporting: ( ... ... )



자료 4: Reagonomics or 'voodoo economics'? (BBC News, 5 June, 2004)

( ... ) George Bush senior famously called Mr Reagan's ideas "voodoo economics" before he became vice-president of the United States. While challenging Mr Reagan in the Republican presidential primaries, he said he did not believe that supply-side reforms like ending regulation would be enough to rejuvenate the economy. ( ... )



자료 5: Supply Side Economics: (...) Is It Voodoo Economics All Over Again?

(...) In the later 1970s, the label "Supply Side Economics" was applied to the argument that lower tax rates would improve private sector incentives, leading to higher employment, productivity, and output in the U.S. economy. George (H.W.) Bush, in the days when he was opponent of Ronald Reagan in the 1980 primaries, referred to an extreme version of this theory espoused by Reagan as "voodoo economics." (...)


자료 6: Voodoo Economics

Voodoo economic, as George H.W. Bush named it in [the] 1980 [primaries], is what caused most of our national debt. It came from Wall Street and goes by the name "supply-side economics." (...) Supply-side economics was started by the Wall Street Journal opinion editor, Robert Bartley and his right-hand man Jude Wanniski. They worked with two economists, Arthur Laffer and Robert Mundell. But Bartley took the lead, and much of supply-side economics was developed by him and Laffer at a series of dinners at Michael 1, a posh a few steps from Wall Street. (...) Both conservative (monetaristㅡlike Milton Friedman) and liberal(Keynesian) economists say that the government needs to stimulate demand in a recession. But the two "supply-side" economist say both are wrong, the we need to give tax custs to the rich and then the rich will be stimulated to work much harder and they are the ones who are most productive and that will make the economy hum again. ( ... ) So this was tried under Reagan. Big tax custs for the rich. And George H.W. Bush called this "voodoo economics," because only two economists believed it (or at least they often said they did), ( ... )


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