Dr. Arthur B. Laffer is founder and chairman of Laffer Associates and was a member of President Reagan’s Economic Policy Advisory Board for both of his two terms. Dr. Laffer also advised Prime Minister Margaret Thatcher on fiscal policy in the U.K. during the 1980s. He has been a faculty member at the University of Chicago, University of Southern California and Pepperdine University. Dr. Laffer received a B.A. in economics from Yale University in 1963. He received a MBA and a Ph.D. in economics from Stanford University in 1965 and 1972 respectively.
Dr. Laffer was the creator of “The Laffer Curve.” The Laffer Curve is one of the main theoretical constructs of supply-side economics, and is often used as a shorthand to sum up the entire pro-growth world view of supply-side economics. However, the Laffer Curve itself simply illustrates the trade-off between tax rates and the total tax revenues actually collected by the government. Dr. Laffer is widely regarded as the father of Supply Side Economics.
Supply-side economics emphasizes economic growth achieved by tax and fiscal policy that creates incentives to produce goods and services. In particular, supply-side economics has focused primarily on lowering marginal tax rates with the purpose of increasing the after-tax rate of return from work and investment, which result in increases in supply. The broader supply-side policy mix points to the importance of sound money; free trade; less regulation; low, flat-rate taxes; and spending restraint, as the keys to real economic growth.
These ideas are grounded in a classical economic analysis that understands that people adjust their behavior when the incentives change. Accordingly, the lower the regulatory and trade barriers, and the lower and flatter the tax rate, the greater the incentive to produce.
Dr. Laffer currently lives in Nashville, Tennessee where he is the founder and chairman of Laffer Associates, an institutional economic research and consulting firm, as well as Laffer Investments, an institutional investment management firm utilizing diverse investment strategies. The firms provide research and investment management services to a diverse group of clients, which includes institutions, pension funds, corporations, endowments, foundations, individuals and others.
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Dr. Laffer is one of the co-authors of “An Inquiry into the Nature and Causes of the Wealth of States: How Taxes, Energy, and Worker Freedom will Change the Balance of Power Among States”.
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