US voters chose candidate with a more radical approach to economy

History suggests Donald Trump's package for growth and jobs works but at a cost of higher inflation and a bigger budget deficit

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By voting for Donald Trump, Americans have chosen the candidate with the more radical programme for the economy. Hillary Clinton's proposals were cautious, costed and conservative. By contrast, the president-elect is gambling that he can shift the US out of its post-financial crisis torpor through a mixture of tax cuts and spending increases even though they run the risk of higher inflation and a bigger budget deficit.

Although Trump campaigned as an outsider, his policies have been tried before. Ronald Reagan said his tax cuts and extra spending for the Pentagon would generate higher revenues and balance the budget. It didn't. Tax breaks for the rich and military Keynesianism sent the deficit rocketing.

Related: Trump's economic policies: protectionism, low taxes and coal mines