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Seven Schools of Macroeconomic Thought$
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Edmund S. Phelps

Print publication date: 1990

Print ISBN-13: 9780198283331

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198283334.001.0001

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Supply‐Side Macroeconomics

Supply‐Side Macroeconomics

(p.66) 5 Supply‐Side Macroeconomics
Seven Schools of Macroeconomic Thought

Edmund S. Phelps (Contributor Webpage)

Oxford University Press

This chapter gives a review of the development and theory of supply‐side macroeconomics, which made its first appearance with a provocative pamphlet on the fiscal–monetary policy mix in the USA written by Robert A. Mundell in 1971. Supply‐side doctrine holds that the prosperity of a country, as measured by current real income or aggregate employment, depends to an important degree on the mix of fiscal and monetary policies followed by the national government. The policy conclusions it reaches (or glimpses) stand in contrast to the policy recommendations that are traditional in the monetarist and Keynesian camps.

Keywords:   economic theory, fiscal policy, macroeconomics, monetary policy, reviews, supply‐side economics

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