Monday, February 2, 2015

Quote for the Day: John Kenneth Galbraith

“Trickle-down theory - the less than elegant metaphor that if one feeds the horse enough oats, some will pass through to the road for the sparrows.”

- John Kenneth Galbraith (1908-2006)
Canadian and, later, American economist, public official, and diplomat, author and a leading proponent of 20th-century American liberalism

Compare with:

The "trickle-down" theory: The principle that the poor, who must subsist on table scraps dropped by the rich, can best be served by giving the rich bigger meals. 

-William Blum 

Supply side economics is an economics theory built around the idea that by giving the rich enough money, tax breaks and deregulation, they will be freed from the constraints that allegedly prevent them from expanding their businesses and hiring more people. Ronald Reagan was a supporter of the theory and his implementation became known as Reaganomics, giving rise to this internet image:

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