Laffer curve costs). Although tax policy is often mentioned in relation to supply-side economics, supply-side economists are concerned with all impediments to the supply of goods and services and not just taxation. In their economics textbook "Principles of Economics" (7th edition), economists Karl E. Case of Wellesley College and Ray Fair of Yale University stated "The Laffer curve shows the relationship between tax rates and tax revenues. Supply-side economists use it to argue that it is possible to generate higher revenues by cutting tax rates, but evidence does not appear to support this. The lower tax rates by the Reagan administration decreased
Laffer curve Jude Wanniski, who was also present at the meeting. The basic concept was not new; Laffer himself notes antecedents in the writings of the 14th-century social philosopher Ibn Khaldun and others. Laffer does not claim to have invented the concept; he notes that there are antecedents, including in the "Muqaddimah" by 14th-century Tunisian scholar Ibn Khaldun, and in the writings of John Maynard Keynes. It was not until the 1970s that Laffer's name began to be associated with the idea. The term "Laffer curve" was reportedly coined by Jude Wanniski (a writer for "The Wall Street Journal") after a 1974