What were the principles of Reaganomics? Did these economic policies work?

Answered below

Explanation:

Reaganomics is describes the economic policies of Ronald Reagan, the president of the United States of America from 1981-1989. The policies were often referred to as free-market economics by Reagan and his colleagues.

The main components of this economic policies include;

Reduction of federal income and capital gains tax, reduction of government regulations, tightening of money supply to reduce inflation, reduction in growth of government spendings.

The success of these economic policies is a subject of debate between its supporters and critics. Critics say it caused a widening income gap and tripled national debt. Supporters on the other hand, argue that it promoted entrepreneurship, a stronger GDP growth and ended stagflation.