By their own metrics, classical economists have failed to deliver on the promises they made back in the 1970s and 80s. And we have the charts to prove it.
“Neoliberalism”, the concept where corporations get free reign over everything, promotes the following:
– Maximising economic growth is the over-riding objective of policy.
– Reducing the higher personal tax rates and making the tax system less progressive sharpens incentives for investment and risk taking and raises productivity growth.
– Budget surpluses, or at least balanced budgets, promote economic stability and growth.
– A deregulated and bigger financial system promotes economic efficiency and growth.
– The best way to promote social well-being is to cut top tax rates, deregulate, financialise, and allow those at the bottom to benefit from the higher growth via a trickle down effect.
is not working. In fact, it is getting things almost exactly backwards.