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Politics : Foreign Affairs Discussion Group
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To: Nadine Carroll who wrote (257252)2/23/2008 12:14:32 AM
From: c.hinton  Read Replies (1) of 281500
 
Nadine you are loosing it again...as well as being behind the curve.

First they are altready talking about stagflation..or dont you read the news.

Second you continue over simplify the laffer curve by ignoring completely gov funding necessities and the business cycle.

,laffer is not some economic mantra to repeat till your problems go away.

" A harsher critique of the Laffer Curve can be seen with Martin Gardner's satirical construct, the so-called neo-Laffer Curve. The neo-Laffer curve matches the original curve near the two extremes of 0% and 100%, but rapidly collapses into an incomprehensible snarl of chaos at the middle. Gardner based his curve on actual US economic data collected in a fifty year period by statistician Persi Diaconis.
The satire illustrates the major fallacy commonly committed with the Laffer curve, namely the assumption that the middle is a smooth, concave function merely because the two extreme endpoints are well-defined. A realistic tax curve would most certainly not resemble a smooth parabola or even any other simple function, but rather a very complex curve with many peaks, valleys, and multiple local maxima. Inside the middle, a wide range of various economic factors confound any simplistic attempt at this interpolation."

en.wikipedia.org
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