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Guide Post to Economic Thinking

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How is economic thinking on government spending and taxation applied within the United States?
Discuss some of the economic paradigms that influence policy decisions.
What is the utility of taxation beyond a source of state and federal revenue.

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Solution Summary

This solution looks at the nexus of policy and economics, and especially different economic schools of thought as applied to spending and taxation. We look particularly at the application of these schools in the United States.

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This is an interesting question, because there usually isn't much economic thinking that goes on in the US applied to government spending and taxation. In brief, the approach to taxation has been both on a supply-side approach (Laffer curve) and a Keynesian approach, with differing effect. The supply-side approach to taxation has been in vogue since the 1980s, and generally uses taxation as a means to stimulate production - basically, ...

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