Early Career and Writing Reynolds’ first published article appeared in
Reason magazine in July 1971, defending the economist
Milton Friedman against a critic. He maintained a close relationship with Friedman, who provided guidance on his early work. Later that year, his article “The Case Against Wage and Price Controls” appeared as a cover story in
National Review. The magazine’s founding editor,
William F. Buckley Jr., subsequently hired Reynolds as an associate editor. During the 1970s, Reynolds contributed to shaping conservative economic thought, particularly in the areas of
taxation and
regulatory policy. His early writings warned of the consequences of price controls and rising reliance on foreign oil, anticipating the oil shocks of 1973-1974 featuring articles in
The Wall Street Journal,
New York Times, and
National Review highlighted his analysis of inflationary pressures and energy policy failures.
Government and Advisory Roles Reynolds served as an economic advisor to
Ronald Reagan’s 1980 presidential campaign and participated in the administration’s Inflation Task Force. He was an early member of Reagan’s
Office of Management and Budget (OMB) transition team in 1981, working alongside economists such as
Larry Kudlow and
Alan Greenspan. Although he declined permanent positions in government, Reynolds continued advising policymakers and legislators, including as research director for the National Commission on Tax Reform and Economic Growth chaired by
Jack Kemp in 1995.
Academic and Professional Career From 1977 to 1981, Reynolds served as vice president and chief domestic economist at the
First National Bank of Chicago. He then joined the consulting firm Polyconomics as vice president and chief economist (1981–1990) and subsequently became director of economic research at the
Hudson Institute (1991–1999). Since 2000, he has been a senior fellow at the
Cato Institute and, from 2020, affiliated with The American Institute for Economic Research. and
Creators Syndicate. fiscal policy, and international economic comparisons. He has also challenged commonly cited statistics on income inequality, notably the use of top-1% tax data to measure economic disparities, arguing for more accurate assessments of disposable income and wealth distribution. His major work on that and related issues was the book
Income and Wealth. (2006). == Media ==