ERIC Number: ED217141
Record Type: Non-Journal
Publication Date: 1982-Jan
Reference Count: N/A
The Real Supply-Side Economics. Occasional Paper No. 80.
Carnevale, Anthony P.
Economic policy today is often stated in the terms of "demand managers" and "simple supply-siders" who look upon economic policy simply as a matter of stimulus or restraint. It matters little what programs are cut as long as overall spending is reduced to cool inflation. On the other hand, the real supply-side economists recognize the necessity for an education, training, and social services structure to develop human capital into a productive work force. Current antinflationary policies are especially destructive of human capital development, the real force that will lead to increased prosperity. A plan of moderate, rather than indiscriminate, budget cutting would be more sensible; this plan should scrutinize every expenditure, sparing certain ones, such as for vocational education, that have a potential for encouraging productivity and price stability. As we move toward this type of real supply-side policies, programs that emphasize the development of human capital should become more important. Also, if supply-side policies are to succeed, they must be more decentralized in their application. The real supply-side economics would encourage an increased capacity for bottom-up, subnational economic development. Vocational education should continue to play a major role in this process of development. (KC)
Descriptors: Economic Climate, Economic Development, Economic Factors, Educational Finance, Human Capital, Inflation (Economics), Labor Force Development, Policy Formation, Postsecondary Education, Public Policy, Secondary Education, Vocational Education
National Center Publications, The Ohio State University, 1960 Kenny Rd., Columbus, OH 43210 (OC-80, $1.90).
Publication Type: Opinion Papers; Speeches/Meeting Papers
Education Level: N/A
Authoring Institution: Ohio State Univ., Columbus. National Center for Research in Vocational Education.