Skip to main content

Lessons from the United States Economy in the 1980s and their Applicability to Europe

  • Conference paper
  • 28 Accesses

Abstract

Whether one calls it a revolution, an experiment, or merely an episode, the economic program of Ronald Reagan, both as proposed and implemented, presents a challenge and opportunity to the rest of the world. Since economic, political, demographic, and social circumstances differ widely among nations, some parts of the Reagan program that were sensible and successful in the United States may not be immediately applicable elsewhere. However, many others are not only applicable to other economies but are likely to be even more successful in their circumstances.

This is a preview of subscription content, log in via an institution.

Buying options

Chapter
USD   29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD   54.99
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD   69.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Learn about institutional subscriptions

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  • Auerbach, Alan, “Corporate Taxation in the United States,” Brookings Papers on Economic Activity, 1983, (2), pp. 451–513.

    Google Scholar 

  • Barro, Robert, “Are Government Bonds Net Wealth?” Journal of Political Economy, November/December 1974, 82, pp, 1095–1117.

    Article  Google Scholar 

  • Bernheim, Douglas, and Shoven, John, “Pension Funding and Saving,” NBER Working Paper No. 1622, 1985.

    Google Scholar 

  • Blanchard, Olivier, and Summers, Lawrence, “Fiscal Increasing Returns, Hysteresis, Real Wage and Unemployment,” European Economic Review, April 1987, 31, pp. 543–59.

    Article  Google Scholar 

  • Boskin, Michael, “Notes on the Tax Treatment of Human Capital,” Symposium on Tax Research, Office of Tax Analysis, U.S. Department of the Treasury, 1975, pp. 185–95.

    Google Scholar 

  • Boskin, Michael, “Federal Government Deficits: Some Myths and Realities,” American Economic Review, May 1982, 72, pp. 296–303.

    Google Scholar 

  • Boskin, Michael, “A Closer Look at Tax Neutrality toward Investment,” Tax Notes, November 11, 1985a, pp. 652–54.

    Google Scholar 

  • Boskin, Michael, Reagan and the Economy: Successes, Failures, Unfinished Agenda, San Francisco: Institute for Contemporary Studies, 1987.

    Google Scholar 

  • Boskin, Michael, “Consumption, Saving and Fiscal Policy,” American Economic Review, May 1988a, 78(2), pp. 401–07.

    Google Scholar 

  • Boskin, Michael, “Issues in the Measurement and Interpretation of Saving and Wealth,” paper presented at the Fiftieth Anniversary Conference on Research on Income and Wealth, Washington, D.C., May 1988b.

    Google Scholar 

  • Boskin, Michael, ed., World Tax Reform, San Francisco: Institute for Contemporary Studies, forthcoming 1989.

    Google Scholar 

  • Boskin, Michael; Huber, Alan; and Robinson, Marc, “Government Saving, Capital Formation, and Wealth in the United States, 1947–85,” in Robert Lipsey and Helen Tice, eds., Issues in Measuring Saving and Investment, Univ. of Chicago Press, for NBER Conference on Measurement of Income and Wealth, Vol. 49, forthcoming.

    Google Scholar 

  • Boskin, Michael; Kotlikoff, Laurence; and Knetter, Michael, “Changes in the Age Distribution of Income in the United States, 1968–84,” NBER Working Paper No. 1766, 1985.

    Google Scholar 

  • Boskin, Michael; Kotlikoff, Laurence; Puffert, Douglas; and Shoven, John, “Social Security: A Financial Appraisal Across and Within Generations,” National Tax Journal, March 1987, 40(l), pp. 19–34.

    Google Scholar 

  • Boskin, Michael, and Roberts, John, “A Closer Look at Saving Rates in the United States and Japan,” AEI Occasional Papers, Fiscal Policy Studies Working Paper No. 9, Washington, D.C.: American Enterprise Institute, June 1986.

    Google Scholar 

  • Bosworth, Barry P., Tax Incentives and Economic Growth, Washington, D.C.: The Brookings Institution, 1984.

    Google Scholar 

  • Cagan, Philip, “Containing Inflation,” in P. Cagan, ed., Essays in Contemporary Economic Problems: The Impact of the Reagan Program, Washington, D.C.: American Enterprise Institute, 1986, pp. 247–74.

    Google Scholar 

  • Eisner, Robert, How Real Is the Federal Deficit? New York: Free Press, 1986.

    Google Scholar 

  • Eisner, Robert, and Chirinko, Robert, “Tax Policy and Investment in Major Macroeconometric Models,” Journal of Public Economics, March 1983, 20(2), pp. 139–66.

    Article  Google Scholar 

  • Feldstein, Martin, and Jun, Joo Sung, “The Effects of Tax Rules on Nonresidential Fixed Investment: Some Preliminary Evidence from the 1980s,” in M. Feldstein, ed., The Effects of Taxation on Capital Accumulation, Chicago: University of Chicago Press, 1987, pp. 101–56.

    Google Scholar 

  • Feldstein, Martin, and Horioka, Charles, “Domestic Savings and International Capital Flows,” Economic Journal, June 1980, 90, pp. 314–29.

    Article  Google Scholar 

  • Fellner, William, The High Employment Deficit and the Potential Output, Washington, D.C.: American Enterprise Institute, 1981.

    Google Scholar 

  • Fullerton, Don, and Henderson, Yolanda, “Incentive Effects of Taxes on Income from Capital: Alternative Policies in the 1980s,” in C. Hulten and I. Sawhill, eds., The Legacy of Reagonomics, Washington, D.C.: Urban Institute Press, 1984, pp. 45–89.

    Google Scholar 

  • Gravelle, Jane, “Capital Income Taxation and Efficiency in the Allocation of Investment,” National Tax Journal, September 1983, 36, pp. 297–306.

    Google Scholar 

  • Gravelle, Jane, “The Treasury Tax Proposals and Desired Capital Stocks,” unpublished mimeo, 1985.

    Google Scholar 

  • Harberger, Arnold, “Vignettes on World Capital Markets,” Papers and Proceedings of the 9Tnd Annual Meeting of the AEA, American Economic Review, May 1980, 70(2), pp. 331–39.

    Google Scholar 

  • Hulten, Charles, and Robertson, James W., “The Taxation of High Technology Industries,” National Tax Journal, September 1984, 37, pp. 327–45.

    Google Scholar 

  • Lindsey, Lawrence, “Individual Taxpayer Response to Tax Cuts 1982–84 with Implications for the Revenue Maximizing Tax Rate,” NBER Working Paper No. 2069, 1986.

    Google Scholar 

  • Lucas, Robert E., Jr., “Econometric Policy Evaluation: A Critique,” in Karl Brunner and Alan Meltzer, eds., The Phillips Curve and Labor Markets, Vol. 1, Carnegie-Rochester Conference Series on Public Policy, Journal of Monetary Economics Suppl. 1976, 1, pp. 19–46.

    Google Scholar 

  • Makin, John, and Sauer, Raymond D., “The Effect of Debt Accumulation on Capital Formation,” AEI Occasional Papers, Fiscal Policy Studies Working Paper No. 1, Washington, D.C.: American Enterprise Institute, December 1984.

    Google Scholar 

  • Poterba, James, and Summers, Lawrence, “Recent U.S. Evidence on Budget Deficits and National Savings,” NBER Working Paper No. 2144, 1987.

    Google Scholar 

  • Sahling, Leonard, and Akhtar, M. A., “What Is Behind the Capital Spending Boom?” Quarterly Journal of the Federal Reserve Bank of New York, Winter 1984–85, pp. 19–30.

    Google Scholar 

  • Sargent, Thomas J., “The Ends of Four Big Inflations,” in R. Hall, ed., Inflation: Causes and Effects, Chicago: University of Chicago Press, 1981, pp. 41–97.

    Google Scholar 

  • Sinai, Allen, and Eckstein, Otto, “Tax Policy and Business Fixed Investment Revisited,” Journal of Economic Behavior and organization, June-September 1983, 4, pp. 131–60.

    Article  Google Scholar 

  • Summers, Lawrence, “Taxation and Corporate Investment: A Q-Theory Approach,” Brookings Papers on Economic Activity, 1981, (1), pp. 67–140.

    Google Scholar 

  • Summers, Lawrence, “Issues in National Savings Policy,” in G. Adams and S. Wachter, eds., Saving and Capital Formation: The Policy Issues, Lexington, Mass.: Lexington Books, D.C. Heath, 1986, pp. 65–88.

    Google Scholar 

  • U.S. Office of Management and Budget, Executive Office of the President, Budget of the United States Government, Fiscal Year 1989, Washington, D.C.: U.S. Government Printing Office, 1988.

    Google Scholar 

  • Venti, Steven F., and Wise, David, “IRAs and Saving,” in M. Feldstein, ed., The Effects of Taxation on Capital Accumulation, Chicago: University of Chicago Press, 1987, pp. 7–51.

    Google Scholar 

Download references

Author information

Authors and Affiliations

Authors

Editor information

Editors and Affiliations

Rights and permissions

Reprints and permissions

Copyright information

© 1989 Springer-Verlag Berlin · Heidelberg

About this paper

Cite this paper

Boskin, M.J. (1989). Lessons from the United States Economy in the 1980s and their Applicability to Europe. In: Fels, G., von Furstenberg, G.M. (eds) A Supply-Side Agenda for Germany. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-74277-4_12

Download citation

  • DOI: https://doi.org/10.1007/978-3-642-74277-4_12

  • Publisher Name: Springer, Berlin, Heidelberg

  • Print ISBN: 978-3-642-74278-1

  • Online ISBN: 978-3-642-74277-4

  • eBook Packages: Springer Book Archive

Publish with us

Policies and ethics