Laffer curve Laffer curve In economics, the Laffer curve illustrates a theoretical relationship between rates of taxation and the resulting levels of government revenue. It illustrates the concept of taxable income elasticity—i.e., taxable income changes in response to changes in the rate of taxation. The Laffer curve assumes that no tax revenue is raised at the extreme tax rates of 0% and 100%, and that there is a rate between 0% and 100% that maximizes government taxation revenue. The Laffer curve is typically represented as a graph that starts at 0% tax with zero revenue, rises to a maximum rate of revenue
From each according to his ability, to each according to his needs life but life's prime want". Marx explained his belief that, in such a society, each person would be motivated to work for the good of society despite the absence of a social mechanism "compelling" them to work, because work would have become a pleasurable and creative activity. Marx intended the initial part of his slogan, "from each according to his ability" to suggest not merely that each person should work as hard as they can, but that each person should best develop their particular talents. Claiming themselves to be at a "lower stage of communism" (i.e. "socialism", in line with