Laffer curve dinner meeting at the Two Continents Restaurant in the Washington Hotel with Arthur Laffer, Wanniski, Dick Cheney, Donald Rumsfeld, and his deputy press secretary Grace-Marie Arnett. In this meeting, Laffer, arguing against President Gerald Ford's tax increase, reportedly sketched the curve on a napkin to illustrate the concept. Cheney did not accept the idea immediately, but it caught the imaginations of those present. Laffer professes no recollection of this napkin, but writes: "I used the so-called Laffer Curve all the time in my classes and with anyone else who would listen to me". There are historical precedents other than those
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