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By most accounts, the term "supply side economics" was coined by Jude Wanniski, a former journalist, conservative political commentator and consultant who passed away in 2005 after a long career in public service.� The term supply-side was used to describe the idea that a reduction in personal tax rates would stimulate productive investment, the production side of the economy, and spur economic growth.� This was designed as a revival in classical economic thought from the more prevalent "demand-side" Keynesian and monetarist theories that dominated political discourse and practices for the last half century.� At the heart of supply side theory is the notion that relative prices govern people's behavior.� In other words, people allocate their time between work and leisure, and their income between consumption and saving, and marginal tax rates play a dominant role in their decison.� The cost of a dollar of current consumption is the future income stream forfeited by not saving and investing that dollar - the higher the marginal tax rate (the rate on the next dollar of income earned), the lower is the value of the income stream.� The cost of allocating additional time to leisure is the foregone current or future income stream.� The higher the marginal tax rate, the cheaper the price of leisure.� Thus, tax rates affect the supplies of labor and entrepreneurship, the rate of investment, the growth rate and the size of the tax base.� �� �

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