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Arthur Laffer

Arthur Betz Laffer (/ˈlæfər/;[1] born August 14, 1940) is an American economist and author who first gained prominence during the Reagan administration as a member of Reagan's Economic Policy Advisory Board (1981–1989). 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 maximum tax revenue for government. In certain circumstances, this would allow governments to cut taxes, and simultaneously increase revenue and economic growth.

Arthur Laffer

Arthur Betz Laffer

(1940-08-14) August 14, 1940
Youngstown, Ohio, U.S.

Political economics

Supply-side economics

Yale University (BA)
Stanford University (MBA, PhD)

Ronald McKinnon

Laffer curve

Presidential Medal of Freedom (2019)

Laffer was an economic advisor to Donald Trump's 2016 presidential campaign.[2] In 2019, President Trump awarded Laffer with the Presidential Medal of Freedom for his contributions in the field of economics.[3]

Early life and education[edit]

Laffer was born in Youngstown, Ohio, the son of Marian Amelia "Molly" (née Betz), a homemaker and politician, and William Gillespie Laffer, president of the Clevite Corporation. He was raised in the Cleveland, Ohio area.[4][5][6] He is a Presbyterian,[7] and graduated from Cleveland's University School high school in 1958.[8] Laffer earned a B.A. in economics from Yale University (1963) and an M.B.A. (1965) and a Ph.D. in economics (1972) from Stanford University.[9]

Academia[edit]

Laffer was an Associate Professor of Business Economics at the University of Chicago from 1970 to 1976 and a member of the Chicago faculty from 1967 through 1976.[10] From 1976 to 1984 Laffer held the status as the Charles B. Thornton Professor of Business Economics at the University of Southern California School of Business.[11] During this time Laffer helped pass Proposition 13, the California initiative that drastically cut property taxes in the state in 1978.[12] In the mid-1980s, Laffer was the Distinguished University Professor at Pepperdine University in Malibu, and a member of the Pepperdine Board of Directors.[13]

2 Graham and Dodd Awards from the Financial Analyst Federation for outstanding feature articles published in the [11]

Financial Analysts Journal

The Distinguished Service Award by the [11]

National Association of Investment Clubs

The Daniel Webster Award for public speaking by the International Platform Association

[11]

Distinguished University Professor of Economics from in 2008[46]

Mercer University

His book The End of Prosperity: How Higher Taxes Will Doom the Economy-If We Let it Happen was nominated for the F.A. Hayek Book Award in 2009

[47]

The Hayek Lifetime Achievement Award in 2016

[48]

In December 2017, Laffer became the first recipient of the 's Laffer Award for Economic Excellence[49]

American Legislative Exchange Council

Laffer was awarded the by President Donald Trump on June 19, 2019.[50]

Presidential Medal of Freedom

Awards that Laffer has received for his economic work:


Laffer has been widely acknowledged for his economic influence, including:

“International Short-Term Capital Movements: Comments,” The American Economic Review 57 (3), pp. 548–565 (1967)

“The Economics of Cycles and Growth,” written by Stanley Bober, reviewed by Arthur Laffer, The American Economic Review 58 (4), pp. 1006–1007 (1968)

"The U.S. Balance of Payments – A Financial Center View," Law and Contemporary Problems 34 (1), pp. 33–46 (1969).

"Vertical Integration by Corporations, 1929–1965," Review of Economics and Statistics 51 (1), pp. 91–93 (1969).

"Trade Credit and the Money Market," J. Political Economy 78 (2), 239–267 (1970).

"Information and Capital Markets", (with ). J. Business 44 (3), pp. 289–298 (1971).

Eugene Fama

"A Formal Model of the Economy," (with R. David Ranson). J. Business 44 (3), pp. 247–270 (1971).

"The Number of Firms and Competition", (with Eugene F. Fama). American Economic Review 62 (4), pp. 670–674 (1972).

"Monetary Policy and the Balance of Payments," J. Money, Credit, and Banking Part I 4 (1), 13–22 (1972).

"Some Evidence on the Formation, Efficiency and Accuracy of Anticipations of Nominal Yields," (with Richard Zecher). J. Monetary Economics 1 (3), pp. 327–342 (1975).

The Phenomenon of Worldwide Inflation, co-edited with David Meiselman, , Washington, D.C., 1975.

American Enterprise Institute

The Economics of the Tax Revolt: A Reader, co-authored with Jan P. Seymour, Harcourt Brace Jovanovich, Inc., San Diego, 1976.

De Fiscus Onder Het Mes, Uitgeverij Acropolis, Brussel/Amstelveen, 1981.

L’Ellipse ou la Loi des Rendements Fiscaux Decroissants, Institutum Europaeum, Brussels, 1981

Future American Energy Policy, co-authored with Meredith S. Crist, Lexington Books, Lexington, Massachusetts, 1982.

"Reinstatement of the Dollar: The Blueprint," Economic Notes 0 (2), pp. 158–176 (1982).

Victor A. Canto, Douglas H. Joines, and Arthur B. Laffer, Foundations of Supply-Side Economics – Theory and Evidence (New York: Academic Press, 1982).

"A High Road for the American Automobile Industry," World Economy 8 (3), pp. 267–286 (1985).

"The Ellipse: An Explication of the Laffer Curve in a Two-Factor Model," The Financial Analyst's Guide to Fiscal Policy, pp. 1–35 (New York: Greenwood Press, 1986).

"Heightened foreign competition only route for American prosperity," The Journal Record (June 9, 1987).

"America in the World Economy: A Strategy for the 1990s: Commentary," America's Global Interests: A New Agenda, pp. 122–125 (London: Norton, 1989).

Monetary Policy, Taxation, and International Investment Strategy, co-edited with Victor A. Canto, Quorum Books, Connecticut. 1990.

"Either California's Housing Prices Are Going to Fall or California's in for One Helluva Rise in Personal Income," (with Christopher S. Hammond). Investment Strategy and State and Local Economic Policy, pp. 49–64 (London: Quorum Books, 1992).

Investment Strategy and State and Local Economic Policy, co-authored with Victor A. Canto and Robert I. Webb, Quorum Books, Connecticut. 1992.

"Trading Policy Outlook," Industrial Policy and International Trade, pp. 175–186, Volume 62 in Contemporary Studies in Economic and Financial Analysis (London: JAI Press, 1992).

"The Reagan-Clinton Presidency," International Economy 12 (2), 22–24 (1998).

"Bullish on Japan," (with Thomas J. Martin). American Spectator pp. 28–30 (June 1, 2001).

"," Heritage Foundation Backgrounder #1765 (June 1, 2004).

The Laffer Curve: Past, Present, and Future

Rich States, Poor States: ALEC-Laffer State Economic Competitiveness Index, co-authored with Stephen Moore and Jonathan Williams, American Legislative Exchange Council, 1st Edition 2008, 2nd Edition 2009, 3rd Edition 2010, 4th Edition 2011, 5th Edition 2012, 6th Edition 2013, 7th Edition 2014, 8th Edition 2015, 9th Edition 2016, 10th Edition 2017.

Independence Institute (August 2009)

"The Prognosis for National Health Insurance: A Colorado Perspective

(with Stephen Moore and Peter Tanous) (September 8, 2009). . Simon and Schuster. ISBN 978-1-4165-9239-6.

The End of Prosperity: How Higher Taxes Will Doom the Economy--If We Let It Happen

The Private Equity Edge: How Private Equity Players and the World’s Top Companies Build Value and Wealth, co-authored with William J. Hass and Shepherd G. Pryor IV, McGraw-Hill, New York, 2009.

Return to Prosperity: How America Can Regain its Economic Superpower Status, co-authored with Stephen Moore, Threshold Editions, New York, 2010.

Eureka!: How to Fix California, with Wayne Winegarden, Ph.D. Pacific Research Institute, San Francisco, 2012

An Inquiry into the Nature and Causes of the Wealth of States, co-authored with Stephen Moore, Rex A. Sinquefield, and Travis Brown, John Wiley and Sons, Inc., New Jersey, 2014.

The Pillars of Reaganomics: A Generation of Wisdom from Arthur Laffer and the Supply-Side Revolutionaries, edited by Brian Domitrovic, The Laffer Center at the Pacific Research Institute, San Francisco, 2014.

Handbook of Tobacco Taxation, The Laffer Center at the Pacific Research Institute, San Francisco, 2014.

Wealth of States: More Ways to Enhance Freedom, Opportunity and Growth, co-authored with Stephen Moore, Rex A. Sinquefield, and Travis Brown, 2017.

Trumponomics: Inside the America First Plan to Revive Our Economy. (with Stephen Moore). All Points Books, 2018  9781250193711

ISBN

Taxes Have Consequences: An Income Tax History of the United States. co-authored with Brian Domitrovic, Jeanne Cairns Sinquefield, Donald Trump (Foreword). Post Hill Press, 2022

The following is a partial list of publications written primarily by Laffer, with co-authors indicated, in order by date:


Laffer has written two children's books with Michelle A. Balconi: "Let’s Chat About Economics" (2014) and "Let’s Chat About Democracy" (2017).[54]

Supply-side economics

Trickle-down economics

Media related to Arthur Laffer at Wikimedia Commons

Quotations related to Arthur Laffer at Wikiquote

on C-SPAN

Appearances

"Sketching the Laffer Curve," The Yorktown Patriot (June 14, 2005)

Jude Wanniski