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How about tight money and tax cuts? The historical record there is stellar. In the early 1920s, the Fed began its second decade committed to stable prices, abashed as it was by the 70% increase in the price level from 1913 to 1923 occasioned by Fed loosening. On the fiscal side, the marginal rate of the income tax got hacked down from 77% to 25%. The result was the single most famous run of American prosperity, the Roaring ’20s.
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via There’s One Thing We Haven’t Tried – Brian Domitrovic – Past & Present – Forbes.