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2008•SSRN Electronic JournalOpen access

Theoretical Foundations of the Laffer Curve

Vladimer Papava, P. Gugushvili

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Abstract

The Laffer Curve is the most evident illustration of the key postulations of the supply-side economics. Presently, almost all modern economics textbooks are evidently critical of the Laffer Curve. Despite this, there are a number of most recent works aimed at studying mathematical and empirical implications of the Laffer Curve. It must be underlined that originally the Laffer Curve was formulated in a macroeconomic context, for which reason it is not applicable to individual taxes, but rather to a certain average aggregate tax. The combining of the Laffer Curve approach with the Keynesian approach cutting of taxes, leads to a form of Laffer-Keynesian synthesis. © 2008 Bull. Georg. Natl. Acad. Sci.

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What this paper is about

The Laffer Curve is the most evident illustration of the key postulations of the supply-side economics. Presently, almost all modern economics textbooks are evidently critical of the Laffer Curve. Despite this, there are a number of most recent works aimed at studying mathematical and empirical implications of the Laffer Curve. It must be underlined that originally the Laffer Curve was formulated in a macroeconomic context, for which reason it is not applicable to individual taxes, but rather to a certain average aggregate tax. The combining of the Laffer Curve approach with the Keynesian approach cutting of taxes, leads to a form of Laffer-Keynesian synthesis. © 2008 Bull. Georg. Natl. Acad. Sci.

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Available abstract

The Laffer Curve is the most evident illustration of the key postulations of the supply-side economics. Presently, almost all modern economics textbooks are evidently critical of the Laffer Curve. Despite this, there are a number of most recent works aimed at studying mathematical and empirical implications of the Laffer Curve. It must be underlined that originally the Laffer Curve was formulated in a macroeconomic context, for which reason it is not applicable to individual taxes, but rather to a certain average aggregate tax. The combining of the Laffer Curve approach with the Keynesian approach cutting of taxes, leads to a form of Laffer-Keynesian synthesis. © 2008 Bull. Georg. Natl. Acad. Sci.

Key concepts: Laffer curve, Economics, Keynesian economics, Context (archaeology), Macroeconomics, Public economics, Tax reform, Biology

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