Peter Pan Economics (Peter Pan Economy)

J. M. Barrie’s character of “Peter Pan” (“the boy who wouldn’t grow up”) has been featured in novels, stage plays, musicals and films. Peter Pan believes to himself that he can fly (“I think I can! I think I can!”) and he eventually does fly.
 
“Peter Pan economics” (or a “Peter Pan economy”) is the economics of wishful thinking and “I think I can, I think I can.” The economics of U.S. President Ronald Reagan—“Reaganomics”—has been called “Peter Pan economics” since at least 1987. The wishful economics of other presidents have also been dubbed “Peter Pan economics.” The term “Peter Pan economics” has been used in the United Kingdom as well as the United States.
 
“Ostrich economics” is a similar term, describing economics created by people with their heads in the sand, ignoring reality.
   
 
Wikipedia: Peter Pan
Peter Pan is a character created by Scottish novelist and playwright J. M. Barrie. A mischievous boy who can fly and who never ages, Peter Pan, spends his never-ending childhood adventuring on the small island of Neverland as the leader of his gang the Lost Boys, interacting with mermaids, Native Americans, fairies, pirates, and occasionally ordinary children from the world outside of Neverland. In addition to two distinct works by Barrie, the character has been featured in a variety of media and merchandise, both adapting and expanding on Barrie’s works.
 
History
Peter Pan first appeared in a section of “The Little White Bird”, a 1902 novel written by Barrie for adults.
 
The character’s best-known adventure debuted on 27 December 1904, in the stage play “Peter Pan, or The Boy Who Wouldn’t Grow Up”. The play was adapted and expanded somewhat as a novel, published in 1911 as Peter and Wendy (later as Peter Pan and Wendy, and still later as simply Peter Pan).
     
Google Books
Hard Heads, Soft Hearts:
Tough-minded economics for a just society
By Alan S. Blinder
Reading, MA: Addison-Wesley Pub. Co.
1987
Pg. 4: 
Laffer’s flight of fancy captured the imagination of candidate Ronald Reagan in 1980, and after the election Peter Pan economics became the official policy of the United States government.
 
Google Books
Reagan, Bush, and Right-Wing Politics:
Elites, think tanks, power, and policy
By Philip H. Burch
Greenwich, CT: Jai Press
1997
Pg. XI:
He also devoted a considerable amount of space to an analysis of the political origins of a new school of fiscal thinking, much of what was soon adopted by the Reagan administration, known popularly as “supply-side” economics (some others have dubbed it “Easter bunny” or “Peter Pan” economics).
   
The Independent (UK)
Pre-Budget Statement: Tories attack ‘complacent Peter Pan economics’
Opposition Reply
Sarah Schaefer Wednesday 04 November 1998
GORDON BROWN was yesterday accused of being “locked in denial” about his new growth forecasts by the shadow Chancellor Francis Maude, who claimed the forecasts were based on “Peter Pan economics” and “fairy-tale figures”.
 
Mike the Mad Biologist
Secretary Geithner and Peter Pan Economics
Posted on: March 6, 2009 12:45 PM, by Mike
In the past, I’ve referred to Peter Pan Conservatives—those who think that winning wars is largely about will (and not logistics, supply, or local political conditions). Well, Treasury Secretary Geithner is now practicing Peter Pan economics:
(...)
As the guy in tights would say (Peter Pan, not Geithner), anything’s possible if you wish hard enough.
       
The Pittsburgh Citizen (PA)   
Economic Forecasting 101
Chelle Buffone
9/27/09
Economists may seem a breed apart—after all, they talk in econometrics, macros and micros, and when they say “Laffer curve” they’re not referring to any jokes. So it may come as a surprise that one of America’s top economists, Stuart Hoffman, recognized as the second-most accurate economic and interest rate forecaster by USA Today, speaks economics in an illustrative way that everyone can understand.
 
Hoffman is the Senior Vice President and Chief Economist of PNC Financial Services Group. Over the past year he has been giving presentations that he admits at times felt like “group therapy and economic prayer readings,” to groups around the country. He spoke recently at a League of Women Voters of Greater Pittsburgh sponsored event. His main points about the economy bought back 90’s cultural phenomena and children’s classics: the race car video game Cruisin’, the hit movie Jurassic Park and youngster’s favorites the Lion King and Peter Pan.
(...)
He was quick to note that this did not suggest a “Peter Pan economy where if we think nice thoughts we can fly”.
 
Be John Galt
Peter Pan Economics
2010 February 6
by justrand
In 1955 a live broadcast of Peter Pan, with Mary Martin as Peter, mesmerized America.  The recording of this was re-broadcast annually, and I remember watching it as a kid.  At one point Tinkerbell is dying, and the only thing that can save her is if all the little kiddies watching clap their hands to show they believe in Tink.
Mary Martin comes right up the camera and urges all the kiddies to clap.  It is a sweet moment in the TV show…and as kids we always clapped.
 
Yesterday the Obama administration’s Bullshit Labor Statistics (BLS) board asked us all to clap…to show we believed.
 
Terence Reilly’s Wall Street Blog   
June 17, 2011 at 8:26 am
Peter Pan Economics
The news is out this morning that Germany and France are now on the same page when it comes to Greece. Well, thank goodness we have that settled. (Everyone! Clap your hands if you believe in fairies and we can save Tinkerbell.)
 
AgainstCronyCapitalism.org
Peter Pan Economics
Posted on September 20, 2011 by Hunter Lewis
In this unintentionally ironic New York Times piece, Sylvia Nasar, reminds us that Keynes layered “Peter Pan” economics (just wish hard enough and the economy will improve) on top of Alice In Wonderland economics (a problem caused by too much unwise debt can be solved by adding even more unwise debt).