Supply-side economics Supply-side economics Supply-side economics is a macroeconomic theory arguing that economic growth can be most effectively created by lowering taxes and decreasing regulation, by which it is directly opposed to demand-side economics. According to supply-side economics, consumers will then benefit from a greater supply of goods and services at lower prices and employment will increase. It was started by economist Robert Mundell during the Ronald Reagan administration. The Laffer curve is one of the main theoretical constructs of supply-side economics, the idea that lower tax rates when tax level is too high will actually boost government revenue because of higher
From each according to his ability, to each according to his needs life but life's prime want". Marx explained his belief that, in such a society, each person would be motivated to work for the good of society despite the absence of a social mechanism "compelling" them to work, because work would have become a pleasurable and creative activity. Marx intended the initial part of his slogan, "from each according to his ability" to suggest not merely that each person should work as hard as they can, but that each person should best develop their particular talents. Claiming themselves to be at a "lower stage of communism" (i.e. "socialism", in line with