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Laffer, Arthur
Arthur Betz Laffer, Sr. (born August 14, 1940) is a US economist who became influential during the Reagan administration as a member of Reagan's Economic Policy Advisory Board (1981-1989).
Laffer is best known for the Laffer curve, which demonstrates that in certain situations, a decrease in tax rates could result in an increase in tax revenues. Although he does not claim to have invented this concept, it was popularized with policy-makers following an afternoon meeting with Dick Cheney in which he reportedly sketched the curve on a napkin to illustrate his argument (Wanninski, 2005).
The term "Laffer curve" was coined by Jude Wanniski (a writer for the Wall Street Journal), who was also present. The basic concept was not new: Laffer himself says he learned it from John Maynard Keynes.
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Added: Thu May 25 2006
