From the campus of Hillsdale College in Hillsdale, Michigan, this is the Radio Free Hillsdale Hour, bringing the activity and education of the college to listeners across the country.

Here's your host, Scott Bertram.

Hello again, everybody, and welcome in to another edition of the Radio Free Hillsdale Hour.

On this episode, we'll talk with Gary Wolfram from Hillsdale's Economics Department, about supply-side economics.

Michael Goodwin, chief political colonist from the New York Post, will tell us about the downfall of the New York Times.

Dwight Lindley from Hillsdale's English Department returns for his occasional series on basic literary concepts,

and Matt Mehan from Hillsdale in D.C.

He'll tell us more about the new Van Andel Graduate School of Government in Washington.

Joining us now on the Radio Free Hillsdale Hour is Dr. Gary Wolf from William Simon,

Professor of Economics and Public Policy, Director of Economics, and Professor of us now on the Radio Free Hillsdale Hour is Dr. Gary Wolf from William Simon, Professor

of Economics and Public Policy, Director of Economics and Professor of Political Economy

here at Hillsdale College. Dr. Wolfram, thanks for joining us. Well, thank you for having me

again. What essentially is supply-side economics? Well, supply-side economics is saying that

if what you do is you reduce taxes,

you're going to get more economic behavior. That is, it really came into the macroeconomic view.

Keynes came along in 1936 and published his general theory, trying to describe why we were in the

Great Depression.

And so anyway, he developed this idea of what is now called macroeconomics.

If this were 19, even 1950, you wouldn't have had a class in macroeconomics.

But you do today.

And so what happened was he argued that the reason that you get to a recession is because

there's a lack of demand.

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