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...down the U.S. -- big firms or small? Two scholars came to sharply different conclusions in essays published earlier this year by the Harvard Business Review. Supply-Sider George Gilder, author of the book The Spirit of Enterprise, cites the roaring success of several of the newest Silicon Valley semiconductor firms -- including Chips & Technologies and Cypress Semiconductor -- as proof that such start-ups are the best hope for continued U.S. economic growth. In what Gilder calls the "law of the microcosm," he contends that the use of computers has given individuals more opportunity to innovate. Says he: "As circuitry is compressed...
Reagan was once strong enough to keep the party's competing right-wing factions under one tent. But Bush and Dole lack his infectious appeal. As a result, each of their challengers is trying to capitalize on different touchstones of the "True Believers." Kemp is the fervent supply-sider, du Pont the apostle of free markets and Haig of standing tough and tall in the world. Perhaps most significant is Robertson's role as the Republican Jesse Jackson. The televangelist was never challenged on any of his debate statements, even when he claimed that the lost earnings of aborted fetuses...
...only on having the "experience to be President." Republican voters are less familiar with Jack Kemp (only 28% of Republicans said they know a lot or even a little about Kemp), but 71% of those who know of the New York Congressman call him a strong leader. The supply-sider scores well with Republicans for having new ideas, but only 47% see Kemp as having enough experience for the Oval Office...
...February, predictions abounded that the central bank would adopt a more stimulative monetary policy in an effort to pump up the economy. After all, the Reaganite faction would be led by Manuel Johnson, the current Fed vice chairman, who is a former Assistant Secretary of the Treasury, certified supply sider and onetime critic of the Reserve Board for being too tightfisted in its fight against inflation. So far, the new lineup seems to have done its job. Since last March the Fed has steadily reduced the discount rate that it charges on loans to member banks from...
Ironically, many supply siders, who favor tax cuts and easy monetary policy, believe that their old ally Johnson has been too timid in urging that the Fed spur the economy. Says Supply Sider John Albertine, vice chairman of Chicago- based Farley Industries: "The Fed has missed the boat. Real interest rates are still much too high." Agrees Paul Craig Roberts, a scholar at Georgetown University's Center for Strategic and International Studies: "The Reagan appointees are powerless in view of the Volcker aura...