Supply-side economics
A school of thought that argues growth is best boosted to ways of stimulating output by improving productivity. This can be done by tax cuts for the wealthy (to encourage entrepreneurship), reducing regulations on business and promoting labour market flexibility (making it easier to hire and fire workers). The approach was championed by free-market economists in the 1970s as a counter to Keynesian economics, which tended to focus on shortfalls in demand.
