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
To each according to his contribution that the citizens of a workers' society should be rewarded according to individual contributions, Marx claims that giving them the "full product" of their labor is impossible as some of the proceeds will be needed to maintain infrastructure and so forth. He then explains the nature of a communist society in its lower phase ("socialist society"), which does not emerge from its own foundations "but, on the contrary, just as it emerges from capitalist society; which is thus in every respect, economically, morally, and intellectually, still stamped with the birthmarks of the old society from whose womb it emerges". And