Supply Side holds that you best stimulate economic activity by Increasing the net wealth possessed by society’s top echelons — people and groups who have no urgent material needs. Instead of spending it on direct “demand” purchases, these wealth-owners will invest any marginal wealth-gain (say from tax cuts) on things that increase “supply” — factories, new businesses, innovative goods and services. Thus the name Supply-Side. Interestingly, the most famous proponent of this approach was Karl Marx, who maintained that the owner-capitalist class propels industrial development by re-investing profits in plants and equipment, thus building up society’s capital stock and the means of production. SSE is, in that respect, an entirely Marxist theory. David Brin ☀
Sunday 21 February 2010
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