tax reductions (because of higher consumption in the short run and improved incentives in the long run), it is unlikely to grow so much that lost tax revenue is completely recovered by the higher level of economic activity." In 1986, Martin Feldstein — a self-described "traditional supply sider" who served as Reagan's chairman of the Council of Economic Advisers from 1982 to 1984 — characterized the "new supply siders" who emerged circa 1980: What distinguished the new supply siders from the traditional supply siders as the 1980s began was not the policies they advocated but the claims that they made for those policies ... The "new" supply siders were much more extravagant in their claims. They projected rapid growth, dramatic increases in tax revenue, a sharp rise in saving, and a relatively painless reduction in inflation. The height of supply side hyperbole was the "Laffer curve" proposition that the tax cut would actually increase tax revenue because it would unleash an enormously depressed supply of effort. Another remarkable proposition was the claim that even if the tax cuts did lead to an increased budget deficit, that would not reduce the funds available for investment in plant and equipment because tax changes would raise the saving rate by enough to finance the increased deficit ... Nevertheless, I have no doubt that the loose talk of the supply side extremists gave fundamentally good policies a bad name and led to quantitative mistakes that not only contributed to subsequent budget deficits but that also made it more difficult to modify policy when those deficits became apparent. See also Abenomics Clintonomics Mellonomics Monetarism Mont Pelerin Society Economic liberalism Fiscal conservatism Neoliberalism Orbanomics Phillips curve Rogernomics Thatcherism Footnotes References Bienkowski Wojciech, Brada Josef, Radlo Mariusz-Jan eds. (2006) Reaganomics Goes Global. What Can the EU, Russia and Transition Countries Learn from the USA?, Palgrave Macmillan. Boskin Michael J. (1987) Reagan and the US Economy. The Successes, Failures, and Unfinished Agenda, ICEG. Niskanen, William A. (1988) Reaganomics: An Insider's Account of the Policies and the People, Oxford University Press, Oxford. Marable Manning. (1981) Reaganism, Racism, and Reaction: Black Political Realignment in the 1980s, Taylor & Francis, Ltd. Bowser, Benjamin. (1985) Race Relations in the 1980s: The Case of the United States, Sage Publications Incorporated. Further reading Jonathan Chait, The Big Con: Crackpot Economics and the Fleecing of America, 2008, Mariner Books (Re-print edition), Brian Domitrovic, Econoclasts: The