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
Immigration to the United States An internal study by the Department of Health and Human Services under the Trump administration, which was suppressed and not shown to the public, found that refugees to the United States brought in $63 billion more in government revenues than they cost the government. According to labor economist Giovanni Peri, the existing literature suggests that there are no economic reasons why the American labor market could not easily absorb 100,000 Syrian refugees in a year. Refugees integrate more slowly into host countries' labor markets than labor migrants, in part due to the loss and depreciation of human capital and credentials