This article appeared in the Winter 2003 issue of The Independent Review Supply-side economics is a major innovation in economics. It says that fiscal policy works by changing relative prices and shifting the aggregate supply curve,not by raising or lowering disposable income and shifting the aggregate demand curve. Supply-side economics reconciled micro- and macroeconomics by making relative-price analysis the basis for macro-conclusions. The argument is...

This article by Paul Craig Roberts appeared in the Spring 2003 issue of The Independent Review. The execution of an innocent person cannot be remedied. This fact, together with mounting evidence of innocents on death row, has strengthened opposition to the death penalty. Nevertheless, the death penalty has proved to be a divisive issue. The divide between liberals and conservatives on the death penalty could...

This article by Paul Craig Roberts appeared in the Fall 2002 issue of The Independent Review. The academic study of the Soviet economy was unsuccessful. Several widely held misconceptions contributed to the lack of success. Western economists assumed that economic growth was assured, because the central planning authority controlled the rate of investment. They assumed that the Soviet economy was planned centrally, because it had...

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This article appeared in the Fall 2000 issue of The Independent Review Forward by Alan Reynolds Timothy Muris's otherwise excellent piece "Ronald Reagan and the Rise of Large Deficits" (Independent Review 4 : 365-76), necessarily misses some fascinating details known only to those of us who were actually there. The transition team began operating out of David Stockman's congressional offices shortly after Christmas 1980. That...

This article by Paul Craig Roberts and Norman Van Cott appeared in the Spring 1999 issue of The Independent Review and was presented to an annual conference of the Western Economics Association during the 1970s. People familiar with Michael Polanyi are impressed by his intellectual powers, the range of his mind, and his ability to get to the heart of issues, often long before anyone...