Laffer curve as provided by supply-side economics. Although the simplified Laffer curve is usually illustrated as a straightforward symmetrical and continuous bell-shaped curve, when in reality the bell-shaped curve may be skewed or lop-sided to either side of the 'maximum' shown in the simplified version of the Laffer curve. Within the reality of complex and sudden changes to tax policy over time, the response of tax revenue to tax rates may vary dramatically and is not necessarily even continuous over time, when for example new legislation is enacted which abruptly changes tax revue expectations. Laffer explains the model in terms of two
Arthur Laffer on the "Board of Scholars" of the American Legislative Exchange Council (ALEC). Laffer was one of four economists who acted as advisors to Donald Trump's successful 2016 campaign for the presidency of the United States. Laffer was born in Youngstown, Ohio, the son of Marian Amelia "Molly" (née Betz), a homemaker and politician, and William Gillespie Laffer, a president of the Clevite Corporation. He was raised a Presbyterian, and graduated from University School high school in 1958. Laffer earned a B.A. in Economics from Yale University (1962) and an M.B.A. (1965) and a Ph.D. in Economics (1972) from Stanford University.