History of economic thought voting procedures; he developed the theory with Eric Maskin (1950–) and Roger Myerson (1951–), sharing the 2007 Nobel Economics Prize with them. In 1974 American economist Arthur Laffer formulated the Laffer Curve, which postulates that no tax revenue will be raised at the extreme tax rates of 0% and 100%, and that there must be at least one rate where tax revenue would be a non-zero maximum. This concept was adopted by U.S. President Ronald Reagan in the early 1980s, becoming the cornerstone of Reaganomics, which was co-founded by American economist Paul Craig Roberts. In 1986 French economist Jean Tirole
Ibn Khaldun scholars is increasingly common. Influential British historian and international affairs specialist Arnold J. Toynbee has called Ibn Khaldun's Muqaddimah "the greatest work of its kind." Ernest Gellner, once a professor of philosophy and logic at the London School of Economics, considered Khaldun's definition of government the best in the history of political theory. More moderate views on the scope of Ibn Khaldun's contributions have emerged. Arthur Laffer, for whom the Laffer curve is named, acknowledged that Ibn Khaldun's ideas, as well as others, precede his own work on that curve. A focus on understanding the nuances of Ibn Khaldun's contributions