Two supply-side economists of the Reagan transition team weigh in on Timothy Muris’s “Ronald Reagan and the Rise of Large Deficits” (Winter 2000). Reynolds notes that Reagan’s economic advisors were divided over inflation, not real-growth forecasts, while Roberts emphasizes the Federal Reserve’s unwillingness to break with conventional economic wisdom.
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Paul Craig Roberts is the John M. Olin fellow at the Institute for Political Economy and former Assistant Secretary of the Treasury for Economic Policy.
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