Trickle-down economics

Last updated

Ronald Reagan's economic policies, dubbed "Reaganomics" by opponents, included large tax cuts and were characterized as trickle-down economics. In this picture, he is outlining his plan for the Economic Recovery Tax Act of 1981 from the Oval Office in a televised address, July 1981. President Ronald Reagan addresses the nation from the Oval Office on tax reduction legislation.jpg
Ronald Reagan's economic policies, dubbed "Reaganomics" by opponents, included large tax cuts and were characterized as trickle-down economics. In this picture, he is outlining his plan for the Economic Recovery Tax Act of 1981 from the Oval Office in a televised address, July 1981.

Trickle-down economics, also known as the horse-and-sparrow theory, [1] describes government economic policies that disproportionately favor the upper tier of the economic spectrum (wealthy individuals and large corporations). The term has been used broadly by critics of supply-side economics to refer to taxing and spending policies by governments that, intentionally or not, result in widening income inequality; it has also been used in critical references to neoliberalism. [2] These critics reject the notion that spending by this elite group would "trickle down" to those who are less fortunate and lead to economic growth that will eventually benefit the economy as a whole. [3]

Contents

While criticisms have existed since at least the 19th century, the term "trickle-down economics" was popularized by Democrats in the US to derogate Reaganomics and its reduction in the top marginal tax rates. [4]

Major examples of what critics have called "trickle-down economics" in the US include the Reagan tax cuts, [5] the Bush tax cuts, and in UK include Margaret Thatcher's economic policies in the 1980s and Liz Truss's mini-budget tax cuts of 2022. [6] [7]

History

William Jennings Bryan used a similar phrasing ("leak through") to characterize his opponents who supported the gold standard in his Cross of Gold speech in 1896 WilliamJBryan1902.png
William Jennings Bryan used a similar phrasing ("leak through") to characterize his opponents who supported the gold standard in his Cross of Gold speech in 1896

In 1896, United States Democratic presidential candidate William Jennings Bryan claimed in his Cross of Gold speech that his opposition based their policies on the idea that the success of the rich would "leak through" to the lower classes, stating: "There are those who believe that, if you will only legislate to make the well-to-do prosperous, their prosperity will leak through on those below." [8] [9] [10]

Author and political commentator William Safire, in his political dictionary, defined "trickle-down theory" as "The idea that aid to corporations will seep through to employees and irrigate the economy." [10]

William J. Bennett credits humorist and social commentator Will Rogers for coining the term and observed in 2007 its persistent use throughout the decades since. [11] In a 1932 column criticizing Herbert Hoover's policies and approach to The Great Depression, Rogers wrote: "The money was all appropriated for the top in the hopes that it would trickle down to the needy. Mr. Hoover was an engineer. He knew that water trickles down. Put it uphill and let it go and it will reach the driest little spot." [12]

In 1983, H. W. Arndt wrote that Indian nationalist and statesman Jawaharlal Nehru may have been the first to use the term in an economic (rather than political context) when he stated in 1933 "the exploitation of India and other countries brought so much wealth to England that some of it trickled down to the working class and their standard of living rose." [13]

After leaving the presidency, Democrat Lyndon B. Johnson alleged "Republicans ... simply don't know how to manage the economy. They're so busy operating the trickle-down theory, giving the richest corporations the biggest break, that the whole thing goes to hell in a handbasket." [14] Samuel Rosenman, a Democratic presidential speechwriter under Franklin D. Roosevelt and Harry Truman, and coiner of the term "New Deal", wrote that "trickle down policies" had been prevalent in American government since 1921. [15]

Reagan years

Ronald Reagan launched his 1980 campaign for the presidency on a platform advocating for supply-side economics. During the 1980 Republican Party presidential primaries, George H. W. Bush had derided Reagan's economic approach as "voodoo economics". [16] Following Reagan's election, the "trickle-down" reached wide circulation with the publication of "The Education of David Stockman" a December 1981 interview of Reagan's incoming Office of Management and Budget director David Stockman, in the magazine Atlantic Monthly. In the interview, Stockman expressed doubts about supply side economics, telling journalist William Greider that the Kemp–Roth Tax Cut was a way to rebrand a tax cut for the top income bracket to make it easier to pass into law. [17] Stockman said that "It's kind of hard to sell 'trickle down,' so the supply-side formula was the only way to get a tax policy that was really 'trickle down.' Supply-side is 'trickle-down' theory." [17] [18] [19] Reagan administration officials including Michael Deaver wanted Stockman to be fired in response to his comments, but he was ultimately kept on in exchange for a private apology. [20]

Political opponents of the Reagan administration soon seized on this language in an effort to brand the administration as caring only about the wealthy. [21] In 1982, John Kenneth Galbraith wrote the "trickle-down economics" that Stockman was referring to was previously known under the name "horse-and-sparrow theory", the idea that feeding a horse a huge amount of oats results in some of the feed passing through for lucky sparrows to eat. [22]

Usage

Broader use

While the term "trickle-down" is commonly used to refer to income benefits, it is sometimes used to refer to the idea of positive externalities arising from technological innovation or increased trade. Arthur Okun, [23] and separately William Baumol, [24] for example, have used the term to refer to the flow of the benefits of innovation, which do not accrue entirely to the "great entrepreneurs and inventors", but trickle down to the masses. And Nobel laureate economist Paul Romer used the term in reference to the impact on wealth from tariff changes. [25] The Laffer curve is often cited by proponents of trickle-down policy. [26] [6]

In the US, Republican tax plans and policies have been labeled "trickle-down economics", including the Reagan tax cuts and the Bush tax cuts. [27] [ citation needed ] In each of the aforementioned tax reforms, taxes were cut across all income brackets, but the biggest reductions were given to the highest income earners, [28] although the Reagan Era tax reforms also introduced the earned income tax credit which has received bipartisan praise for poverty reduction and is largely why the bottom half of workers pay no federal income tax. [29]

In the 1992 presidential election, independent candidate Ross Perot also referred to trickle-down economics as "political voodoo". [30] In the same election, during a presidential town hall debate, Bill Clinton blamed trickle-down economics for the declining economic conditions in America, saying that "...we've had 12 years of trickle-down economics. We've gone from first to twelfth in the world in wages. We've had four years where we’ve produced no private-sector jobs. Most people are working harder for less money than they were making 10 years ago.". [31]

The political campaign group, Tax Justice Network has used the term referring broadly to wealth inequality in its criticisms of tax havens. [32] In 2013, Pope Francis condemned "trickle-down theories" in his apostolic exhortation Evangelii gaudium , saying that "Some people continue to defend trickle-down theories which assume that economic growth, encouraged by a free market, will inevitably succeed in bringing about greater justice and inclusiveness in the world. This opinion, which has never been confirmed by the facts, expresses a crude and naïve trust in the goodness of those wielding economic power and in the sacralized workings of the prevailing economic system." [33]

In New Zealand, Damien O'Connor, an MP from the Labour Party, called trickle-down economics "the rich pissing on the poor" in the Labour Party campaign launch video for the 2011 general election. [34] In a 2016 US presidential election candidates debate, Hillary Clinton accused Donald Trump of supporting the "most extreme" version of trickle-down economics with his tax plan, calling it "trumped-up trickle-down" as a pun on his name. [35] In his speech to a joint session of Congress on April 28, 2021, US President Joe Biden stated that "trickle-down economics has never worked". [36] Biden has continued to be critical of trickle-down. [37] [38]

A Columbia journal article comparing a failed UK Enterprise Zone proposal to later US proposals references them as a form of trickle-down policy where lower regulatory and tax burdens were aimed at wealthier developers with the hope they would benefit residents. [39] Nobel laureate Paul Krugman states that despite the narrative of trickle-down style tax cuts, the effective tax rate of the top 1% of earners has failed to change very much. [40] Political commentator Robert Reich has implicated institutions such as The Heritage Foundation, Cato Institute, and Club for Growth for promoting what he considers to be a discredited idea. [41] Kansas governor and politician Sam Brownback's 2018 tax cut package was widely labelled as an attempt at trickle-down economics. [42] Friedrich Hayek's economic theories have also been described as trickle-down. [43] [44]

Objections to the term

In 1983, H. W. Arndt described the term as a myth, saying that no major economists of the 1950s assumed that wealth would accumulate among the rich and then spread to the poor. [45]

Speaking on the US Senate floor in 1992, Hank Brown (Republican senator for Colorado) objected to the use of the term for the policies of Ronald Reagan and George H. W. Bush, saying that they have never advocated for it. [46] [ non-primary source needed ]

Thomas Sowell, a proponent of supply-side economics, says that trickle-down economics have never been advocated by any economist, writing in his 2012 essay "Trickle Down" Theory and "Tax Cuts for the Rich" that "[t]he 'trickle-down' theory cannot be found in even the most voluminous scholarly studies of economic theories." [47] Sowell disagrees with the characterization of supply-side economics as trickle-down, saying that the economic theory of reducing marginal tax rates works in precisely the opposite direction: "Workers are always paid first and then profits flow upward later – if at all." [48] [49] [ better source needed ]

Benjamin Lockwood, professor of business economics and public policy at Wharton, said "The term ‘trickle-down economics’ doesn’t really represent a cohesive economic theory,” “It’s a term used, often negatively, to characterize the view that reducing taxes on the rich will benefit the non-rich.” [3]

In 2022, the Liz Truss administration objected to characterizing its policies as "trickle-down economics". [50]

Economic analyses of the effects of lowering taxes on the wealthy

Nobel laureate Joseph Stiglitz wrote in 2015 that the post–World War II evidence does not support trickle-down economics, but rather "trickle-up economics" whereby more money in the pockets of the poor or the middle benefits everyone. [51] In a 2020 research paper, economists David Hope and Julian Limberg analyzed data spanning 50 years from 18 countries, and found that tax cuts for the rich increased inequality in the short and medium term, and had no significant effect on real GDP per capita or employment in the short and medium term. According to the study, this shows that the tax cuts for the upper class did not trickle down to the broader economy. From 1980 to 2016, a divergence in the distribution of wealth was noted, with the top .01% of earners seeing a 600% change in real income, vs a 0% change in the bottom 99%, leading to the top 1% accruing 15% more of the total wealth pool, from a share of 15 to 30%. [52] [53] [54] [55]

A 2015 IMF staff discussion note by Era Dabla-Norris, Kalpana Kochhar, Nujin Suphaphiphat, Frantisek Ricka and Evridiki Tsounta suggests that lowering taxes on the top 20% could actually reduce growth. [56] [57] Political scientists Brainard Guy Peters and Maximilian Lennart Nagel in 2020 described the 'trickle down' description of tax cuts for the wealthy and corporations stimulating economic growth that helps the less affluent as a "zombie idea", and stated that it has been the most enduring failed policy idea in American politics. [58] Some studies suggest a link between trickle-down economics and reduced growth, and some newspapers concluded that trickle-down economics does not promote jobs or growth, and that "policy makers shouldn't worry that raising taxes on the rich ... will harm their economies". [59]

See also

References

  1. ↑ Duerringer, C. M. (2019). Class Structure and the Movement of Capital: The Rhetoric of Supply Side Economics https://rwsgradexam.pbworks.com/w/file/fetch/138387093/DuerringerRhet_TrickleDown%20Econ.pdf
  2. ↑ Springer, Simon; Birch, Kean; MacLeavy, Julie (July 7, 2016). Handbook of Neoliberalism. Routledge. ISBN   978-1-317-54966-6.
  3. 1 2 Lockwood, Benjamin; Gomes, Joao; Smetters, Kent; Inman, Robert. "Does Trickle-down Economics Add Up – or Is It a Drop in the Bucket?". Knowledge at Wharton. A business journal from the Wharton School of the University of Pennsylvania. Archived from the original on February 1, 2023. Retrieved February 1, 2023. Kent Smetters, Wharton professor of business economics and public policy, says that trickle-down economics is a term created to disparage supply-side economics. ... Many others have pointed out the folly of using the term — that no real economic model or serious school of thought stands behind what has long been a term of art at the intersection of politics and media. Part of the problem is that "trickle down" lacks a universally understood meaning. Smetters says the idea of tax breaks for the rich eventually producing benefits to the poor has never been part of supply-side economics.
  4. ↑ Noah, Timothy (September 21, 2011). "New Republic: How Did Trickle-Down Get Acceptable?". NPR . Retrieved January 15, 2024. q=In 1981, when President Ronald Reagan lowered marginal tax rates, his main purpose was to drop the top rate from 70 percent to 50 percent ... But it was important not to admit as much, because that would be "trickle-down economics." That was the derisive term Democrats attached to Reaganomics.
  5. ↑ Redenius, Charles (April 1983). "Thatcherism and Reagonomics: Supply-Side Economic Policy in Great Britain and the United States". Journal of Political Science. 10 (2, Article 4). The Athenaeum Press. ISSN   0098-4612. Archived from the original on December 2, 2022. Retrieved February 9, 2023.
  6. 1 2 Elliott, Larry (September 20, 2022). "Liz Truss favours trickle down economics but results can be trickle up". The Guardian. ISSN   0261-3077. Archived from the original on October 20, 2022. Retrieved February 3, 2023.
  7. ↑ Schomberg, William (September 7, 2022). "UK heads for return to 'trickle-down' economics under low-tax Truss". Reuters. Retrieved January 15, 2025.
  8. 1 2 Wilson, Thomas Frederick. 1992. The Power "to Coin" Money: The Exercise of Monetary Powers by the Congress Archived March 11, 2023, at the Wayback Machine . Armonk, New York: M. E. Sharpe. p. 172. ISBN   0873327942 quote=In his speech Bryan charged that the opposition grounded its policies on the concept that the prosperity of the well-to-do would (in an early version of the "trickle-down" theory) "leak through" to those below, and claimed that bimetallism would restore the money of the Constitution.
  9. 1 2 Baker, Andrew, David Hudson, and Richard Woodward. 2005. Governing Financial Globalization: International Political Economy and Multi-Level Governance Archived March 11, 2023, at the Wayback Machine . London; New York: Routledge. p. 26. ISBN   9780203479278.
  10. 1 2 3 Safire, William (2008). Safire's Political Dictionary (Revised ed.). New York: Oxford University Press. pp. 752–753. ISBN   978-0-19-534334-2 . Retrieved December 27, 2011. ...President Herbert Hoover argued that public relief measures proposed by some Demorats were "playing politics with human misery" and that his program was aimed at restoring prosperity to corporations and banks, which supposedly would in turn reinvograte the economy. The Democrats derided this as a "trickle-down theory" aimed at "feeding the sparrows by feeding the horses."
  11. ↑ Bennett, William J. (2007). America: The Last Best Hope. Harper Collins. p. 78. ISBN   978-1595551115. Archived from the original on March 11, 2023. Retrieved February 18, 2023. Will Rogers referred to the theory that cutting taxes for higher earners and businesses was a "trickle-down" policy, a term that has stuck over the years.
  12. ↑ Roger, Will (November 26, 1932). "Will Rogers Explains That Money, Unlike Water, Always Trickles Up". The St. Louis Star and Times . Archived from the original on July 7, 2022. Retrieved July 7, 2022.
  13. ↑ The "Trickle-Down" Myth, H.W. Arndt, Economic Development and Cultural Change, Oct., 1983, Vol. 32, No. 1 (Oct., 1983), pp. 1-10, UCP, https://www.jstor.org/stable/1153421 Archived October 10, 2022, at the Wayback Machine
  14. ↑ Janos, Leo (July 1973). "The Last Days of the President". The Atlantic. Archived from the original on July 1, 2013. Retrieved March 12, 2017.
  15. ↑ Shlaes, Amity (May 27, 2008). The Forgotten Man: A New History of the Great Depression. Harper Perennial. p. 128. ISBN   9780060936426. Archived from the original on March 3, 2021. Retrieved September 6, 2022. The philosophy that had prevailed in Washington since 1921, that the object of government was to provide prosperity for those who lived and worked at the top of the economic pyramid, in the belief that prosperity would trickle down to the bottom of the heap and benefit all.
  16. ↑ Wiseman, Paul. "Trickle-down economics gets another try". The Detroit News. Archived from the original on October 18, 2022. Retrieved October 18, 2022.
  17. 1 2 "The Education of David Stockman" Archived December 27, 2020, at the Wayback Machine by William Greider
  18. ↑ William Greider. The Education of David Stockman. ISBN   0-525-48010-2.
  19. ↑ White, Michael (1983). "Creative statistics: the Laffer Curve and taxation incentives". Journal of Australian Political Economy, the (14): 63–76.
  20. ↑ "David Stockman's famous trip to the woodshed was prompted..." UPI. April 12, 1986. Retrieved January 2, 2024.
  21. ↑ Thomas, Sowell (January 7, 2014). "The Trickle-Down Lie". National Review. Archived from the original on May 24, 2022. Retrieved May 24, 2022.
  22. ↑ Galbraith, John Kenneth (February 4, 1982) "Recession Economics". Archived December 27, 2020, at the Wayback Machine . New York Review of Books Volume 29, Number 1.
  23. ↑ Okun, Arthur M. (1975). Equality and Efficiency, the Big Tradeoff . Brookings Institution. pp.  46–47. ISBN   9780815764762.
  24. ↑ Baumol, William J. (July 1, 2010). The Microtheory of Innovative Entrepreneurship. Princeton University Press. p. 80. ISBN   9781400835225. Archived from the original on December 27, 2020. Retrieved September 17, 2020.
  25. ↑ Romer, Paul (February 1, 1994). "New goods, old theory, and the welfare costs of trade restrictions" (PDF). Journal of Development Economics. 43 (1): 5–38. doi:10.1016/0304-3878(94)90021-3. ISSN   0304-3878. S2CID   28772407.
  26. ↑ "Art Laffer still thinks he was right about tax cuts". Washington Post. ISSN   0190-8286. Archived from the original on November 30, 2022. Retrieved February 3, 2023.
  27. ↑ "Trickle-down economics gets new life as Republicans push tax-cut plan". USA Today . Archived from the original on May 9, 2021. Retrieved May 7, 2021.
  28. ↑ "Reaganomics" Archived May 17, 2021, at the Wayback Machine , Corporate Finance Institute. Retrieved May 16, 2021.
  29. ↑ Marr, Chuck (August 1, 2014). "Reagan’s Actions Made Him a True EITC Champion" Archived May 16, 2021, at the Wayback Machine . Center on Budget and Policy Priorities. Retrieved May 16, 2021.
  30. ↑ "Commercials – 1992 – Trickle Down". The Living Room Candidate. Archived from the original on December 27, 2020. Retrieved March 13, 2017.
  31. ↑ "How Bill Clinton Engaged With One Voter To Win 1992 Town Hall Debate". HuffPost. October 16, 2012. Retrieved July 30, 2024.
  32. ↑ Heather Stewart (July 21, 2012). "Wealth doesn't trickle down – it just floods offshore, research reveals". The Guardian . London. Archived from the original on November 2, 2013. Retrieved August 6, 2012.
  33. ↑ "Evangelii Gaudium: Apostolic Exhortation on the Proclamation of the Gospel in Today's World". Holy See. Archived from the original on August 11, 2015. Retrieved December 9, 2019.
  34. ↑ Chapman, Kate (October 28, 2011). "Labour campaign video harks back to history". Stuff.co.nz. Archived from the original on December 28, 2017. Retrieved October 5, 2016.
  35. ↑ Pramuk, Jacob (September 26, 2016). "Clinton: Trump would cut taxes for the rich in 'trumped up' trickle down economics". CNBC . Archived from the original on December 27, 2020. Retrieved September 17, 2017.
  36. ↑ Jagoda, Naomi (April 28, 2021). "Biden: 'Trickle-down economics has never worked'". The Hill. Archived from the original on April 29, 2021. Retrieved April 29, 2021.
  37. ↑ "Biden Criticizes 'Mega-MAGA Trickle-Down Economics'". WSJ. Archived from the original on November 3, 2022. Retrieved November 3, 2022.
  38. ↑ "Video 'I'm so sick and tired of trickle-down economics': Biden". ABC News. Archived from the original on November 3, 2022. Retrieved November 3, 2022.
  39. ↑ Jordan, Bre (February 27, 2020). "DENOUNCING THE MYTH OF PLACE-BASED SUBSIDIES AS THE SOLUTION FOR ECONOMICALLY DISTRESSED COMMUNITIES: AN ANALYSIS OF OPPORTUNITY ZONES AS A SUBSIDY FOR LOW-INCOME DISPLACEMENT". Columbia Journal of Race and Law. 10 (1). doi:10.7916/cjrl.v10i1.4840. ISSN   2155-2401. Archived from the original on February 1, 2023. Retrieved February 1, 2023.
  40. ↑ "The Political Failure of Trickle-Down Economics". Paul Krugman Blog. August 20, 2017. Archived from the original on February 1, 2023. Retrieved February 1, 2023.
  41. ↑ "Why is trickle-down economics still with us? | Robert Reich". the Guardian. October 9, 2022. Archived from the original on January 20, 2023. Retrieved February 1, 2023.
  42. ↑ "After tax cuts many saw as a failure, Kansas may cut again". AP NEWS. April 27, 2018. Archived from the original on February 1, 2023. Retrieved February 1, 2023.
  43. ↑ Whyte, Jessica (2019). "The Invisible Hand of Friedrich Hayek: Submission and Spontaneous Order" . Political Theory. 47 (2): 156–184. doi:10.1177/0090591717737064. ISSN   0090-5917. JSTOR   27126178. Archived from the original on February 2, 2023. Retrieved February 2, 2023.
  44. ↑ "Friedrich Hayek and the left: A response to Simon Griffiths". British Politics and Policy at LSE. March 6, 2015. Archived from the original on February 2, 2023. Retrieved February 2, 2023.
  45. ↑ Arndt, H. W. (1983). "The "Trickle-down" Myth" . Economic Development and Cultural Change . 32 (1): 1–10. doi:10.1086/451369. ISSN   0013-0079. JSTOR   1153421. S2CID   153842242.
  46. ↑ Hank Brown. Congressional Record , March 24, 1992.
  47. ↑ Sowell, Thomas (2012). "Trickle Down" Theory and "Tax Cuts for the Rich" (PDF). Hoover Institution Press. pp. 1–2. ISBN   9780817916152. Archived (PDF) from the original on October 6, 2022. Retrieved September 6, 2022.
  48. ↑ Sowell, Thomas (January 7, 2014). "The 'Trickle-Down' Lie". Archived from the original on December 27, 2020. Retrieved December 1, 2020.
  49. ↑ "'Trickle Down' Theory and 'Tax Cuts for the Rich'". Archived September 24, 2012, at the Wayback Machine .
  50. ↑ Mason, Rowena (September 21, 2022). "'No way' Truss's policies are trickle-down economics, says minister". the Guardian. Retrieved January 2, 2024. Asked whether Truss is promoting the trickle-down theory, [Gillian Keegan, a Foreign Office minister], told BBC Breakfast: "That wasn't actually a message, we don't believe, which is based on our economy … You cannot say what we've done is trickle-down economics. ... She added: "There's no way you could describe our approach as trickle-down."
  51. ↑ Stiglitz, Joseph E. (December 2015). "8. Inequality and Economic Growth". The Political Quarterly. 86: 134–155. doi:10.1111/1467-923X.12237. Archived from the original on February 1, 2023. Retrieved February 1, 2023.
  52. ↑ Hope, David; Limberg, Julian (January 7, 2022). "The economic consequences of major tax cuts for the rich". Socio-Economic Review . 20 (2): 539–559. doi: 10.1093/ser/mwab061 . ISSN   1475-1461. We find that major tax cuts for the rich push up income inequality, as measured by the top 1% share of pre-tax national income. The size of the effect is substantial: on average, each major tax cut results in a rise of over 0.7 percentage points in top 1% share of pre-tax national income. The effect holds in both the short and medium term. Turning our attention to economic performance, we find no significant effects of major tax cuts for the rich. More specifically, the trajectories of real GDP per capita and the unemployment rate are unaffected by significant reductions in taxes on the rich in both the short- and medium-term.
  53. ↑ "Trickle-Down Economics Fails a Sophisticated Statistical Test". Bloomberg.com. December 21, 2020. Archived from the original on February 24, 2023. Retrieved February 1, 2023.
  54. ↑ Picchi, Aimee (December 17, 2020). "50 years of tax cuts for the rich failed to trickle down, economics study says". CBS News. Archived from the original on February 1, 2023. Retrieved February 1, 2023.
  55. ↑ Christopher Ingraham (December 23, 2020). "'Trickle-down' tax cuts make the rich richer but are of no value to overall economy, study finds". The Washington Post . Washington, D.C. ISSN   0190-8286. OCLC   1330888409. Archived from the original on August 19, 2022. Retrieved October 3, 2022.
  56. ↑ "Staff Discussion Notes Volume 2015 Issue 013: Causes and Consequences of Income Inequality: A Global Perspective (2015)". imfsg. doi: 10.5089/9781513555188.006 . Archived from the original on February 3, 2023. Retrieved February 3, 2023.
  57. ↑ Goodwin, Neva R. (2020). Principles of economics in context (Second ed.). New York, NY: Routledge. ISBN   978-0-429-43875-2. OCLC   1111577770.
  58. ↑ Peters, Brainard Guy; Nagel, Maximilian Lennart (2020). Zombie Ideas: Why Failed Policy Ideas Persist. Elements in Public Policy. Cambridge University Press. p. 8. doi:10.1017/9781108921312. ISBN   9781108921312. S2CID   229422499. Archived from the original on December 27, 2020. Retrieved November 28, 2020.
  59. ↑ "In the Real World of Work and Wages, Trickle-Down Theories Don't Hold Up". The New York Times. April 12, 2007. Archived from the original on November 12, 2020. Retrieved February 23, 2017.

Further reading

This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.