Arthur Laffer While he was teaching at the USC Marshall School of Business, Laffer played a key role in writing California Proposition 13, the property-tax-cap initiative that inspired a tax revolt across the nation. In the mid-1980s, Laffer left to teach at Pepperdine University in nearby Malibu. Laffer remained on the faculty for several years. In 1986, Laffer was a candidate for the Republican nomination for the U.S. Senate—which he lost in the California primary to U.S. Congressman Ed Zschau who lost in the general election to the incumbent, Democrat Alan Cranston. Laffer identifies himself as a staunch fiscal conservative and libertarian.
Notional Defined Contributions Notional Defined Contributions The term Notional Defined Contributions or Non-financial Defined Contributions or NDC refers to type of public pension system in which contributions made by the public behave in similar way they would in most public funds. This system is implemented in several countries in Europe such as Latvia, Poland, Italy and Sweden. NDC is in many ways similar to classical PAYG pension scheme. Working age individuals contribute to the system and pay for the benefits of current retirees. However, NDCs are different when it comes to determining the size of the benefits. For each individual the amount contributed