And Laffer is coming back.
And where did Laffer get this idea?
Laffer, Stephen Moore and the University of Chicago economist Casey B.
It was expounded by the U.S. economist Arthur Laffer (b. 1940) and implemented by Pres.
It's effects, in other words, were the type associated with John Maynard Keynes, not Laffer.
Laffer is just another man who sold Americans the idea that they could get something for nothing.
Laffer had popularized the contentious notion that reducing taxes can actually increase tax revenues.
This time, with the salesmanship of Koch-supported, supply-side economist Arthur Laffer, Brownback delivered.
Later, he became a favourite of Ronald Reagan's and worked with Arthur Laffer on the theories of supply-side economics.
In 1974, an economist named Art Laffer was having dinner at the Two Continents restaurant, a nice restaurant in Washington DC.
Mr Laffer himself left California for low-tax Tennessee three years ago because he felt that bad taxes were destroying the state's economy.
On Wednesday Laffer told Reuters the way to fix the coronavirus economy is to cut taxes for businesses, while raising them for non-profits and other institutions.
He has boasted of helping persuade Ronald Reagan to embrace supply-side economics, and he recently won an endorsement from Arthur Laffer, the influential economist who advised Reagan.
Laffer and Stephen Moore, have urged him to suspend payroll tax collections, other economists say the move is unlikely to bolster workers’ paychecks because it is only a delay in tax liability.
Drawing on the theories of Art Laffer, President Donald Trump’s favourite economist, both Mr Johnson and Mr Javid have claimed that by geeing up the economy, looser fiscal policy can pay for itself.
This claim, which Arthur Laffer, one of the originators of supply-side economics, formalized in his famous “Laffer curve,” turned out to be wildly optimistic, and the budget deficit soared.
A key distinction between Keynes and Laffer—other than, if you'll forgive the snark, the former has proved to consistently correct and the latter has not—is that the Keynesian interventions tend to affect the ups and downs of the economic cycle, as opposed to the underlying, trend growth rate.
You may recognize this as the supply-side-tax-cut scenario popularized by economists Art Laffer and Rober Mundell, wherein tax cuts targeted at investors "trickle down" through the broader economy, lifting growth, wages, and spinning off more tax revenue to help offset the tax cut's initial cost.
As a result many economists believe that the Laffer Curve—a diagram that Arthur Laffer famously drew on a napkin to explain why tax revenues would rise when tax rates were cut—might actually be true for high-income folk, even though it clearly does not hold for the overall population.
We also know that male and female economists tend to gravitate toward different fields of specialization, with women favoring fields like labor, education, health, and industrial organization — topics that, in my personal experience, are noticeably absent for the first few years' worth of study in economics (noticeably not absent: antiquated theories credited almost entirely to men like Keynes, Smith, Pareto, and Laffer).
- United States economist who proposed the Laffer curve (born in 1940)
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We also know that male and female economists tend to gravitate toward different fields of specialization with women favoring fields like labor education health and industrial organization — topics that in my personal experience are noticeably absent for the first few years' worth of study in economics noticeably not absent antiquated theories credited almost entirely to men like Keynes Smith Pareto and Laffer