Wages as a percentage of sales in many Fortune 500 companies have been going down over the few decades. From about 60% to perhaps 30% now. Off shoring and technology has certaintly played a role in this and the American consumer may have benefitted somewhat through lower product prices than would otherwise be the case if wages comprised a higher percentage of sales. The cost of living is higher in protectionist countries such as Japan and Switzerland when compared to countries that are less protectionist. Ultimately the subjective quality of life for the working class is probably the one of the most important measure of a country's performance.
All economic fads are "anchored" by models. In fact the entire discipline of "economics" is "anchored" by models. What would you expect? Anchored by tea leaves maybe. It is what happens when you apply the theory that matters. His book is loaded with data from actual application!!! I am not convinced you've read it . Let's talk social mobility under trickle down. i.e., opportunity. which nations have the highest social mobility, and which nation the lowest. How does social mobility correlate with application of trickle down?. Get out your book liar. What role does credit play in trickle down? How many houses did banks foreclose on in 2008 and how many in 2009? What does the phrase "two-step of terrific triviality" refer to? get out your book, liar What condition must be met for the Laffer hypothesis to be supported? Was it supported by the Reagan cuts? Get out your book liar.
1. Models are not necessary when you have data. So no my silly friend you econ does not require models. There a models in econ but they are not a requirement in econ. 2. The data shows that after the tax cuts, tax revenues were up. 3. You are misrepresenting what is in the book. But, even if I did not read the book I know economics. When you imagine a world in which Reagan's tax cuts do not exist, you are creating a model. There is no real life data because the tax cuts were created. If the tax cuts had not happened we don't know what would have happened to revenues. That is why needed models to crate an argument. 4. Regarding social mobility. Tell me about how our mobility would have been without adding 40 to 60 new immigrants mostly to the bottom of the ladder. 5. Regarding consumer finance. Another strawman from Quiggen. Supply side economics does not stand for the fact consumers can keep on consuming by using credit so therefore we don't have to worry about wealth distribution. That is not a tenant of supply side economics. I am rambling in response to your rambles. You make Quiggins arguments about supply side economics and I will rip them apart for you.
Just as I thought. Come back when you have. Quiggin,J., "Zombie Economics," Princeton University Press, 2010, 238 Pgs. 14 bucks at Amazon, 10 bucks Kindle edition.
Just as I suspected. You are not capable of supporting your attack on supply side economics. So you are now running with the logical fallacy of appealing to a book you can't even explain.
First word in that article. "Opinion" Then go to see who wrote the article. Andy Green is managing director for economic policy at the Center for American Progress. Galen Hendricks is special assistant for economic policy at CAP. Hmm...Center for American progress...let's find out about that organization, shall we? https://en.wikipedia.org/wiki/Center_for_American_Progress Oh look...founded by John Podesta. Major donor includes George Soros. Anti-semetic and anti-catholic bigots are running that thing. It even says that they are just a liberal viewpoint. Literally a democrat propaganda organization.
Sure but the facts are there and even you can't argue with the data and the fact that Trump broke his 'forgotten man' promises and instead gave himself and his golf buddies a big deficit busting tax cut.
Jem thinks personal income taxes can be eliminated and simply by printing money the US would have no federal debt a few years later. When one believes fanciful bs, anything is possible. So of course he's disappointed his medical premiums went up it defies his model for the world.