Voodoo Economics


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Related to Voodoo Economics: Reaganomics

Voodoo Economics

A derogatory term for supply-side economics, which is a macroeconomic theory stating that a government can best promote growth by providing incentives for persons to produce goods and services. The primary way a supply-side oriented government does this is by maintaining low tax rates so that investors and entrepreneurs may use their money for production. Maintaining low tax rates on the wealthy is one of the most important and controversial aspects of supply-side economics; the theory states that well off persons have the capital available to produce goods and services and thereby create jobs and grow the economy. Critics contend that this does not happen in reality, and that the wealthy are more likely to keep, rather than invest, their money. It is also known as Reaganomics, and acquired the name because it was crucial to the economic policies of the administration of U.S. President Ronald Reagan. See also: Keynesian economics, Monetarism, Trickle-down economics.
References in periodicals archive ?
Brynle Williams is scraping the bottom of the populist barrel and advocating voodoo economics by demanding lower fuel tax at the expense of people and the planet.
For example, Wesley Warren, a senior fellow for environmental economics at the Natural Resources Defense Council, claims the approach is nonviable, slamming it as "voodoo economics." At present, OIRA is working with the Institute of Medicine to examine the advantages of QALYs and other alternative measures, Graham says.
This was not voodoo economics; this was the real thing.
Perhaps it is the 'voodoo economics' that Kerekou is sometimes alleged to practice, but the United States, (which he proclaimed the 'Great Satan' in the 1970s and 1980s) is now going all out to support many of his principal infrastructure projects, among them the financing - at $40m - of a major electrical line linking Sakete in Benin to Ikeja in Nigeria and a new $150m hydroelectric station.
The latter's reliance on past music for models he calls "voodoo tradition": "If we suck out the blood and the knowledge of the past, we are going to get its strength, it's what they refer to in Reagan as voodoo economics." Good existentialist that he is, Feldman is most compelling on the nature of artistic freedom.
Kip, "The Value of Life: Has Voodoo Economics Come to the Courts?" Journal of Forensic Economics, Fall 1990, 3(3), 1-15.
While things could turn around quickly, it feels like the mid-80s and there is a "scent of voodoo economics," according to Hauspurg.
As an unreconstructed liberal, Rowen exposes the failures of airline deregulation and "voodoo economics and the triumph of greed," the era of Reaganomics.
Reaganomics was considered "voodoo economics" not because of its deficit projections, but because it forecast economic expansion and disinflation, which is precisely what it delivered.
Thus, the 1,100-plus entries in what's now titled "Safire's New Political Dictionary" include such terms as "big tent," "bubba factor," "glass ceiling," gridlock," "Ievel playing field," "new world order," "politically correct," "voodoo economics" and, of course, "It's the economy, stupid!"
The real "voodoo economics" in America these days is the inconsistency and drift continuing to come from the White House's economic team.