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
From each according to his ability, to each according to his needs From each according to his ability, to each according to his needs "From each according to his ability, to each according to his needs" is a slogan popularised by Karl Marx in his 1875 "Critique of the Gotha Program". The principle refers to free access and distribution of goods, capital and services. In the Marxist view, such an arrangement will be made possible by the abundance of goods and services that a developed communist system will produce; the idea is that, with the full development of socialism and unfettered productive forces, there will be enough to satisfy everyone's needs. The