Which economic strategy is Ronald Reagan known for?

Ronald Reagan is primarily known for advocating supply-side economics, a theory that suggests that economic growth can be most effectively fostered by lowering taxes and decreasing regulation. The fundamental idea behind supply-side economics is that lower taxes increase disposable income for individuals and businesses, which in turn encourages investment, leads to job creation, and stimulates overall economic growth. This approach was a cornerstone of Reagan's economic policies during his presidency in the 1980s.

Proponents of supply-side economics argue that by incentivizing production and investment, the benefits will trickle down to all segments of society. This strategy was put into practice through significant tax cuts, particularly influencing the wealthy and businesses, with the expectation that this would lead to broader economic improvements.

The other economic strategies mentioned, such as Keynesian economics, focus primarily on government spending and demand-side intervention to stimulate economic activity, while socialist economic policies advocate for extensive government control and public ownership of production resources. The New Deal economic strategies, which preceded Reagan’s policies by several decades, involved a series of programs and reforms aimed at providing relief during the Great Depression, typically emphasizing federal intervention in the economy.