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
To each according to his contribution To each according to his contribution "To each according to his contribution" is a principle of distribution considered to be one of the defining features of socialism. It refers to an arrangement whereby individual compensation is reflective of one's contribution to the social product (total output of the economy) in terms of effort, labor and productivity. This is held in contrast to the method of distribution and compensation in capitalism, where those who own private property receive unearned income in the form of interest, rent, or profit by virtue of ownership irrespective of their contribution to the social product. This