Arthur Betz Laffer is an American economist who first gained prominence
Arthur Betz Laffer is an American economist who first gained prominence

during the Reagan administration as a member of Reagan's Economic Policy
during the Reagan administration as a member of Reagan's Economic Policy

Advisory Board. Laffer is best known for the Laffer curve, an illustration of the
Advisory Board. Laffer is best known for the Laffer curve, an illustration of the

theory that there exists some tax rate between 0% and 100% that will result in
theory that there exists some tax rate between 0% and 100% that will result in

maximum tax revenue for governments. He is the author and co-author of many
maximum tax revenue for governments. He is the author and co-author of many

books and newspaper articles, including Supply Side Economics: Financial
books and newspaper articles, including Supply Side Economics: Financial

Decision-Making for the 80s. Laffer is Policy Co-Chairman of the Free
Decision-Making for the 80s. Laffer is Policy Co-Chairman of the Free

Enterprise Fund and serves on the "Board of Scholars" of the American Legislative
Enterprise Fund and serves on the "Board of Scholars" of the American Legislative

Exchange Council. Life and career
Exchange Council. Life and career

Laffer was born in Youngstown, Ohio, the son of Marian Amelia "Molly", a
Laffer was born in Youngstown, Ohio, the son of Marian Amelia "Molly", a

homemaker and politician, and William Gillespie Laffer, a president of the
homemaker and politician, and William Gillespie Laffer, a president of the

Clevite Corporation. He was raised a Presbyterian. Laffer earned a B.A. in
Clevite Corporation. He was raised a Presbyterian. Laffer earned a B.A. in

Economics from Yale University and an M.B.A. and a Ph.D. in Economics from
Economics from Yale University and an M.B.A. and a Ph.D. in Economics from

Stanford University. While he was teaching at the USC
Stanford University. While he was teaching at the USC

Marshall School of Business, Laffer played a key role in writing California
Marshall School of Business, Laffer played a key role in writing California

Proposition 13, the property-tax-cap initiative that inspired a tax revolt
Proposition 13, the property-tax-cap initiative that inspired a tax revolt

across the nation. In the mid-1980s, Laffer left to teach
across the nation. In the mid-1980s, Laffer left to teach

at Pepperdine University in nearby Malibu. Laffer remained on the faculty
at Pepperdine University in nearby Malibu. Laffer remained on the faculty

for several years. In 1986, Laffer was a candidate for the
for several years. In 1986, Laffer was a candidate for the

Republican nomination for the U.S. Senate—which he lost in the California
Republican nomination for the U.S. Senate—which he lost in the California

primary to U.S. Congressman Ed Zschau who lost in the general election to the
primary to U.S. Congressman Ed Zschau who lost in the general election to the

incumbent, Democrat Alan Cranston. Laffer identifies himself as a staunch
incumbent, Democrat Alan Cranston. Laffer identifies himself as a staunch

fiscal conservative and libertarian. He has stated publicly that he voted for
fiscal conservative and libertarian. He has stated publicly that he voted for

President Bill Clinton in 1992 and 1996. Laffer references President Clinton's
President Bill Clinton in 1992 and 1996. Laffer references President Clinton's

conservative fiscal and unregulated market policies as cornerstones of his
conservative fiscal and unregulated market policies as cornerstones of his

support. In 2008, he was named a Distinguished
support. In 2008, he was named a Distinguished

University Professor of Economics by Mercer University in Georgia.
University Professor of Economics by Mercer University in Georgia.

= Professional activities = Laffer is the founder and CEO of Laffer
= Professional activities = Laffer is the founder and CEO of Laffer

Associates in Nashville, Tennessee, an economic research and consulting firm
Associates in Nashville, Tennessee, an economic research and consulting firm

that provides global investment-research services to institutional asset
that provides global investment-research services to institutional asset

managers, pension funds, financial institutions, and corporations.
managers, pension funds, financial institutions, and corporations.

He sits on the board of directors of several public and private companies.
He sits on the board of directors of several public and private companies.

Laffer has been appointed to the advisory board of Sonenshine Partners,
Laffer has been appointed to the advisory board of Sonenshine Partners,

an independent investment bank focused on providing integrated strategic,
an independent investment bank focused on providing integrated strategic,

financial and corporate advisory services. In 2004 Laffer joined the
financial and corporate advisory services. In 2004 Laffer joined the

Board of Pillar Data Systems, a non-public Data Storage Company funded
Board of Pillar Data Systems, a non-public Data Storage Company funded

by Tako Ventures, a funding arm of Larry Ellison. In 2008, Laffer joined the
by Tako Ventures, a funding arm of Larry Ellison. In 2008, Laffer joined the

Board of Alpha Theory, a non-public Fundamental Portfolio Optimization
Board of Alpha Theory, a non-public Fundamental Portfolio Optimization

software for hedge and mutual funds. Laffer recently joined the advisory
software for hedge and mutual funds. Laffer recently joined the advisory

board of Collabarium Capital. In 2010, Laffer joined the Boards of
board of Collabarium Capital. In 2010, Laffer joined the Boards of

Executive Trading Solutions, an LLC providing the top technological solution
Executive Trading Solutions, an LLC providing the top technological solution

for management of Rule 10b51 stock trading plans, and Consensus Point, a
for management of Rule 10b51 stock trading plans, and Consensus Point, a

provider of an enterprise prediction markets platform.
provider of an enterprise prediction markets platform.

In 2015, Laffer joined the board of General Employment Enterprises,, a
In 2015, Laffer joined the board of General Employment Enterprises,, a

rapidly growing staffing company located in Illinois.
rapidly growing staffing company located in Illinois.

Laffer also regularly writes opinion articles in The Wall Street Journal.
Laffer also regularly writes opinion articles in The Wall Street Journal.

Laffer curve Although he does not claim to have
Laffer curve Although he does not claim to have

invented the Laffer curve concept, it was popularized with policy-makers
invented the Laffer curve concept, it was popularized with policy-makers

following an afternoon meeting with Nixon/Ford Administration officials Dick
following an afternoon meeting with Nixon/Ford Administration officials Dick

Cheney and Donald Rumsfeld in 1974 in which he reportedly sketched the curve
Cheney and Donald Rumsfeld in 1974 in which he reportedly sketched the curve

on a napkin to illustrate his argument. The term "Laffer curve" was coined by
on a napkin to illustrate his argument. The term "Laffer curve" was coined by

Jude Wanniski, who was also present. The basic concept was not new; Laffer
Jude Wanniski, who was also present. The basic concept was not new; Laffer

himself says he learned it from Ibn Khaldun and John Maynard Keynes.
himself says he learned it from Ibn Khaldun and John Maynard Keynes.

A simplified view of the theory is that tax revenues would be zero if tax rates
A simplified view of the theory is that tax revenues would be zero if tax rates

were either 0% or 100%, and somewhere in between 0% and 100% is a tax rate which
were either 0% or 100%, and somewhere in between 0% and 100% is a tax rate which

maximizes total revenue. Laffer's postulate was that the tax rate that
maximizes total revenue. Laffer's postulate was that the tax rate that

maximizes revenue was at a much lower level than previously believed: so low
maximizes revenue was at a much lower level than previously believed: so low

that current tax rates were above the level where revenue is maximized.
that current tax rates were above the level where revenue is maximized.

Numerous leading economists have rejected the viewpoint that the Laffer
Numerous leading economists have rejected the viewpoint that the Laffer

Curve's postulation of increased tax revenue through a rate cut applies to
Curve's postulation of increased tax revenue through a rate cut applies to

current federal US income taxes in the medium term. When asked whether a “cut
current federal US income taxes in the medium term. When asked whether a “cut

in federal income tax rates in the US right now would raise taxable income
in federal income tax rates in the US right now would raise taxable income

enough so that the annual total tax revenue would be higher within five
enough so that the annual total tax revenue would be higher within five

years than without the tax cut,” 96% of economists surveyed in 2012 disagreed.
years than without the tax cut,” 96% of economists surveyed in 2012 disagreed.

In response to this survey question, Richard Thaler of the University of
In response to this survey question, Richard Thaler of the University of

Chicago said, “That’s a Laffer.” Publications
Chicago said, “That’s a Laffer.” Publications

The following is a partial list of publications written primarily by
The following is a partial list of publications written primarily by

Laffer, with co-authors indicated, in order by date:
Laffer, with co-authors indicated, in order by date:

"The U.S. Balance of Payments – A Financial Center View," Law and
"The U.S. Balance of Payments – A Financial Center View," Law and

Contemporary Problems 34, pp. 33–46. "Vertical Integration by Corporations,
Contemporary Problems 34, pp. 33–46. "Vertical Integration by Corporations,

1929–1965," Review of Economics and Statistics 51, pp. 91–93.
1929–1965," Review of Economics and Statistics 51, pp. 91–93.

"Trade Credit and the Money Market," J. Political Economy 78, 239–267.
"Trade Credit and the Money Market," J. Political Economy 78, 239–267.

(with Eugene F. Fama) "Information and Capital Markets" J. Business 44, pp.
(with Eugene F. Fama) "Information and Capital Markets" J. Business 44, pp.

289–298. (with R. David Ranson) "A Formal Model
289–298. (with R. David Ranson) "A Formal Model

of the Economy," J. Business 44, pp. 247–270.
of the Economy," J. Business 44, pp. 247–270.

(with Eugene F. Fama) "The Number of Firms and Competition", American
(with Eugene F. Fama) "The Number of Firms and Competition", American

Economic Review 62, pp. 670–674. "Monetary Policy and the Balance of
Economic Review 62, pp. 670–674. "Monetary Policy and the Balance of

Payments," J. Money, Credit, and Banking Part I 4, 13–22.
Payments," J. Money, Credit, and Banking Part I 4, 13–22.

(with Richard Zecher) "Some Evidence on the Formation, Efficiency and Accuracy
(with Richard Zecher) "Some Evidence on the Formation, Efficiency and Accuracy

of Anticipations of Nominal Yields," J. Monetary Economics 1, pp. 327–342.
of Anticipations of Nominal Yields," J. Monetary Economics 1, pp. 327–342.

Victor A. Canto, Douglas H. Joines, and Arthur B. Laffer, Foundations of
Victor A. Canto, Douglas H. Joines, and Arthur B. Laffer, Foundations of

Supply-Side Economics – Theory and Evidence.
Supply-Side Economics – Theory and Evidence.

"Reinstatement of the Dollar: The Blueprint," Economic Notes 0, pp.
"Reinstatement of the Dollar: The Blueprint," Economic Notes 0, pp.

158–176. "A High Road for the American Automobile
158–176. "A High Road for the American Automobile

Industry," World Economy 8, pp. 267–286. "The Ellipse: An Explication of the
Industry," World Economy 8, pp. 267–286. "The Ellipse: An Explication of the

Laffer Curve in a Two-Factor Model," The Financial Analyst's Guide to Fiscal
Laffer Curve in a Two-Factor Model," The Financial Analyst's Guide to Fiscal

Policy, pp. 1–35. "Heightened foreign competition only
Policy, pp. 1–35. "Heightened foreign competition only

route for American prosperity," The Journal Record.
route for American prosperity," The Journal Record.

"America in the World Economy: A Strategy for the 1990s: Commentary,"
"America in the World Economy: A Strategy for the 1990s: Commentary,"

America's Global Interests: A New Agenda, pp. 122–125.
America's Global Interests: A New Agenda, pp. 122–125.

(with Christopher S. Hammond) "Either California's Housing Prices Are Going to
(with Christopher S. Hammond) "Either California's Housing Prices Are Going to

Fall or California's in for One Helluva Rise in Personal Income," Investment
Fall or California's in for One Helluva Rise in Personal Income," Investment

Strategy and State and Local Economic Policy, pp. 49–64.
Strategy and State and Local Economic Policy, pp. 49–64.

"Trading Policy Outlook," Industrial Policy and International Trade, pp.
"Trading Policy Outlook," Industrial Policy and International Trade, pp.

175–186, Volume 62 in Contemporary Studies in Economic and Financial
175–186, Volume 62 in Contemporary Studies in Economic and Financial

Analysis. "The Reagan-Clinton Presidency,"
Analysis. "The Reagan-Clinton Presidency,"

International Economy 12, 22–24. (with Thomas J. Martin) "Bullish on
International Economy 12, 22–24. (with Thomas J. Martin) "Bullish on

Japan," American Spectator pp. 28–30. "The Laffer Curve: Past, Present, and
Japan," American Spectator pp. 28–30. "The Laffer Curve: Past, Present, and

Future," Heritage Foundation Backgrounder #1765.
Future," Heritage Foundation Backgrounder #1765.

"The Tax Threat to Prosperity", Wall Street Journal.
"The Tax Threat to Prosperity", Wall Street Journal.

"The Age of Prosperity Is Over", Wall Street Journal.
"The Age of Prosperity Is Over", Wall Street Journal.

(with Stephen Moore) "Soak the Rich, Lose the Rich", Wall Street Journal.
(with Stephen Moore) "Soak the Rich, Lose the Rich", Wall Street Journal.

"Get Ready for Inflation and Higher Interest Rates", Wall Street Journal
"Get Ready for Inflation and Higher Interest Rates", Wall Street Journal

"The Prognosis for National Health Insurance: A Colorado Perspective,
"The Prognosis for National Health Insurance: A Colorado Perspective,

Independence Institute "Taxes, Depression, and Our Current
Independence Institute "Taxes, Depression, and Our Current

Troubles", Wall Street Journal References
Troubles", Wall Street Journal References

External links Appearances on C-SPAN
External links Appearances on C-SPAN

Jude Wanniski, "Sketching the Laffer Curve," The Yorktown Patriot
Jude Wanniski, "Sketching the Laffer Curve," The Yorktown Patriot

Lukáš Kovanda, "Svět se vrátí k volnému trhu, říká otec Lafferovy křivky,"
Lukáš Kovanda, "Svět se vrátí k volnému trhu, říká otec Lafferovy křivky,"

Roklen24.cz
Roklen24.cz