I plan to post original commentary, critique the work of others, provide book reviews, post links to interesting articles/videos, and respond to reader replies.
My intention is to post commentary on a regular basis. However, as my family and career come first there may be some lengthy periods between posts.
Like 99.9% of students who studied some economics in college, I learned the subject from a “demand-side” perspective (predominantly Keynesianism with a bit of Monetarism as well). The demand-side stresses the primacy of the consumer. I left college believing that the market economy is inherently unstable and that wise minds (e.g., politicians, bureaucrats, and policymakers) are required to “manage” the economy and remedy market “failures”.
In college, I received absolutely no exposure to the Classical school that was essentially rebranded as supply-side economics sometime in the mid- to late-1970s. Interestingly, this omission occurred despite the prominent role supply-side economics had played in policymaking during the Reagan Administration in the years before I started college in 1986.
I also never received any introduction to the free-market Austrian school. As incredible as it seems, I didn’t know the names Hayek and Von Mises until many years later.
Apparently the free market was déclassé and remains so to this day in much of academe [notable exceptions include George Mason University, Grove City College, and Hillsdale College].
I was well into my career as an investment management professional when I began to question the usefulness and efficacy of demand-side economics as a tool to help make better investment decisions. The problem became apparent. Demand-side theories simply don’t explain what happens in the real world.
Fortunately, the supply-side framework does have explanatory power and can be used to help forecast markets.
During my self-education beginning in the early- to mid 2000’s, I was greatly influenced by many classical political economists and philosophers of the 17th and 18th centuries such as John Baptiste-Say, Frederic Bastiat, Adam Smith, David Ricardo, and John Stuart Mill.
I learned supply-side economics from key pioneers who are unfortunately no longer with us including Jude Wanniski, Robert Bartley, Jack Kemp, and Warren Brookes. Wanniski’s Supply-Side University, still available on-line at Polyconomics.com, remains a treasure-trove of knowledge for the aspiring learner. I still visit the site on a regular basis.
Late Austrian influences include Ludwig von Mises, Friedrich Hayek, Leonard Read, and Henry Hazlitt. Incredible sources of information in the Austrian tradition include the Ludwig Von Mises Institute and the Foundation for Economic Freedom.
Key contemporary influences include the following: John Tamny, Richard Salsman, Nathan Lewis, Steven Forbes, George Gilder, Arthur Laffer, Louis Woodhill, Brian Domitrovic, Ken Landon, Seth Lipsky, Robert Mundell, Reuven Brenner, Ralph Benko, Charles Kadlec, Lewis Lehrman, Larry Kudlow, Judy Shelton, Marc Miles, Vlad Signorelli, Paul Hoffmeister, Dan Mitchell, Walter Williams, Thomas Sowell, Thomas Woods, and Ron Paul.
I will single out John Tamny, who is editor at Forbes Opinions and RealClearMarkets, as the most important source of my understanding and appreciation of supply-side economics. John is easily one of the smartest persons I have had the pleasure of meeting. No one can explain the importance of sound money better than John. I am truly indebted to him for the knowledge he has imparted to me through his columns and public appearances.
It is my sincere hope that you enjoy the content and become a regular visitor!
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