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
To each according to his contribution concept also formed the basic definition of socialism for its pre-Marxist proponents, including Ricardian socialists, classical economists, and individualist anarchists. "To each according to his contribution" was a concept espoused by many members of the socialist and labor movement. Examples of this can be found from Ferdinand Lassalle's and Eugen Dühring's statements to Leon Trotsky's writings. However, it was Vladimir Lenin, inspired by Marx's writing on the subject in his "Critique of the Gotha Programme", who claimed the principle to be a fundamental element of socialism within Marxist theory. Libertarian socialist thinkers, such as American anarchist Benjamin Tucker, defined socialism