The Laffer Curve

The problem with Robin Hood and his merry men robbing the rich in Sherwood Forest is that, pretty soon, the rich stop riding through the forest.– Arthur Laffer– It is appropriate that we talk about Arthur Laffer (pronounced laugher and pictured in this post) even though the insights he gave us are no laughing matter. The Laffer curve, although initially counterintuitive, refutes one of the holy grails of liberalism – that the government can get more revenue by increasing taxes…