What kind of economics did Ronald Reagan advocate, aiming to help the economy through tax breaks for the wealthy?

Ronald Reagan advocated for trickle-down economics, which is a theory suggesting that financial benefits provided to the wealthy and businesses eventually "trickle down" to the rest of the population in the form of job creation, wage increases, and overall economic growth. This approach often entails tax cuts for higher income earners and corporations, with the idea that these groups will invest more in the economy. The rationale hinges on the belief that when the wealthy have more disposable income, they will spend it, which in turn stimulates economic activity and benefits all segments of society.

This economic philosophy differs significantly from demand-side economics, which focuses on stimulating consumer demand to drive economic growth, and Keynesian economics, which suggests that government intervention is necessary to manage economic cycles. Behavioral economics, on the other hand, combines insights from psychology and economics to understand how individuals make economic decisions, rather than focusing on tax structures. Trickle-down economics, however, directly ties fiscal policy to the assumption that wealth accumulation at the top will benefit everyone else in the economic hierarchy.