From the American Thinker:
President Donald Trump is awarding Dr. Arthur Laffer — the “Father of Supply-Side Economics” — the Presidential Medal of Freedom. The move to award him the nation’s highest civilian honor is a testament to the enormous work Laffer has done in shifting the economic policy debate towards incentivizing production. The implementation of his policy ideals has led to a massive reduction in extreme poverty worldwide.
Laffer’s work in economics dates back to the 1970s. Working with Dr. Robert Mundell, he sought to affect a “Copernican Revolution” in economic policy. The “Mundell-Laffer Hypothesis,” summed up nicely by Jude Wanniski, posited most importantly that the only truly closed economy is the world’s economy and that one of the best cures to the stagflation crisis of the day was a stable dollar.
But if it was his early work with Mundell that Laffer’s prowess as an economist, it was his famed “Laffer Curve” that solidified his spot on the map. The Laffer Curve was used to illustrate the point that if the government increased incentives for people to produce (i.e. work) by cutting taxes, the corresponding economic growth has the potential to increase tax revenues. The economic growth that supply-siders believe will materialize stems from individuals working longer or harder, or making investments in the market, their education, or their own entrepreneurism.
Read more at the American Thinker.