Arthur Laffer that U.S. tax rates had in fact reached such extreme levels." Laffer is currently an economic adviser to Kansas Governor Sam Brownback, who in 2012 zeroed out state tax liability for approximately 330,000 of the top wage earners in the state. The state, which had previously had a budget surplus, experienced a budget deficit of about $200 million in 2012. Drastic cuts to state funding for education and infrastructure have been implemented because of the budget deficits. Brownback's tax overhaul was described in a June 2017 article in "The Atlantic" as the United States' "most aggressive experiment in conservative economic
Law of demand higher price.Changes in demand is depicted graphically by a shift in the demand curve. On the other hand, "quantity demanded" refers to the quantity of goods consumers want for a given price, conditional on the other determinants. "Changes in quantity demanded" is depicted graphically by a movement along the demand curve. The law of demand was documented as early as 1892 by economist Alfred Marshall. Due to the law's general agreement with observation, economists have come to accept the validity of the law under most situations. Furthermore, researchers found that the success of the law of demand extends to animals