I was fortunate that my first economics professor in college was a capitalist. One text book was Milton Friedman's, "Capitalism and Freedom" and he almost mocked Keynes.
Go Gators!
What drug war?
Our society is over run by drugs. The cost of the damage they do can not be measured...
I tried to explain this concept to libs about cigarettes; that if the tax is too high, people will buy from a black market. That’s what happened in NYC.
Smoking pot has the same health effects as tobacco but libs don’t get that either. I give up.
The absolutely finest aspect of the Laffer Curve, the beauty of it if you will, is that Liberals and Conservatives, Democrats and Republicans, and Socialist agree on the two main datum points of the curve.
The Laffer Curve is a graph of tax rates on the horizontal X-axis and revenue received on the vertical Y-axis. The two points that all agree on are that revenue resulting from a 0% tax rate and revenue resulting from a 100% tax rate is ZERO dollars. So you see they have no choice but to agree.
The Laffer Curve promotes discussion regarding what tax rate will yield the highest amount of revenue to the treasury. The curve clearly illustrates that increasing tax rates from 0% will increase revenue flow. The curve also clearly illustrates that as tax rates continue to increase the revenue yield will began to decrease.
The discussion is then about how high the tax rate can become before the result is decreasing revenue as the curve returns to zero.
This is important because there is a segment of Americans who are more concerned about increasing tax rates as punishment for success than controlling tax rates to create increased revenue flow.