Supply-Side Approach: Cut income taxes, primarily for wealthy households, as well as corporate taxes. Eliminate dividend and estate taxes. Reduce government spending and regulation of business. Promote pro-business legislation.

This would encourage the wealthy to become wealthier, which means they must become more industrious, and also hopefully invest their money. Investors would be more willing to invest, and corporations would begin to expand and invest in more capital stock. This would cause an increase in business, as well as an increase in jobs for the lower-income group. Increased employment rates would cause an increase in consumer spending, which means more money for everyone, which in turn means more taxes for the government.

This strategy relies on the "trickle-down" effect to fix the consumer spending and employment rate problems. This means that by helping the rich get richer, the money will eventua

Herbert Spencer was an evolutionist who coined the phrase "survival of the fittest". This phrase summarizes his ideas about how the world works. Like Malthus, he believed that the poor should not be given aid; they were the "weak", while the successful and the wealthy were the "strong". Without government support, the weak would eventually die out, leaving only the strong to survive. He also believed that government regulation of industry was unnecessary for the same reasons-if a business required government assistance, it was "weak", and was destined to die out anyway. He applied this idea to nearly all levels of government involvement-as little as possible in all areas. There should be no state church, no colonies, no social legislation, no government regulated postal service, no public mint, and no public education. He believed that this was the only way for the economy to grow and develop naturally. This way, the finished product would be cleansed of its weaker parts, and would be at its strongest possible point.

II. Ideological debates are very important to the development of economics-without new ideas challenging old concepts, we would still be stuck with the Feudal system. Orthodox ideology is the generally accepted concept of how the economy should be structured and/or governed. Heterodox ideology is the opposite-concepts or ideas that are not generally accepted at the time.

Demand-Side Approach: Increase the quantity of mo

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