Arthur Laffer

Arthur Betz Laffer (; born August 14, 1940) is an American economist and author who first gained prominence during the Reagan administration as a member of Reagan's Economic Policy Advisory Board (1981–1989). Laffer is best known for the Laffer curve, an illustration of the theory that there exists some tax rate between 0% and 100% that will result in maximum tax revenue for government. In certain circumstances, this would allow governments to cut taxes, and simultaneously increase revenue and economic growth. Laffer was an economic advisor to Donald Trump's 2016 presidential campaign. In 2019, President Trump awarded Laffer with the Presidential Medal of Freedom for his contributions in the field of economics. Early life and education Laffer was born in Youngstown, Ohio, the son of Marian Amelia "Molly" (née Betz), a homemaker and politician, and William Gillespie Laffer, president of the Clevite Corporation. He was raised in the Cleveland, Ohio area. He is a Presbyterian, and graduated from Cleveland's University School high school in 1958. Laffer earned a B.A. in economics from Yale University (1963) and an M.B.A. (1965) and a Ph.D. in economics (1972) from Stanford University.