What they found is that while firms with fewer than 100 employees did in fact create 56% of gross new jobs over the period, they only accounted for 39% of net job creation over the period.
There is no question that had Congress acted then, we would be looking at a different picture now in terms of overall job creation in the period since.
But any insights into the later 19th-century American work are finessed for a nostalgic re-creation of a period installation with paintings hung close and "skied" to the ceiling, and a crowd of heroic figures and marble maidens on the floor.
WSJ: The Metropolitan Museum of Art | American Wing | The New World Reborn | By Ada Louise Huxtable
Ronald Reagan strengthened the dollar and implemented long overdue tax cuts, thus launching what Laffer et al pronounce triumphantly as the greatest period of wealth creation in world history.
The period re-creation, sure-handed yet unemphatic, is extraordinary.
Corporate tax rates are now at 30-year lows as a percentage of GDP and it is therefore not too surprising that those 6.6% historical real returns were 3% higher than actual wealth creation for such a long period.
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After Reaganomics was adopted in 1981, the economy took off on a 25-year economic boom in late 1982, what Art Laffer and Steve Moore have rightly called the greatest period of wealth creation in the history of the planet.
The two economists examined gross job creation and destruction in American manufacturing over the period 1972-93 and found that at the onset of a recession job destruction increases, but it then falls below normal levels until well into the recovery.
After a period of the fastest sustained growth since 1984, and with job creation recently averaging 300, 000 a month, well over half of respondents still think the state of the economy is poor.
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