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Politics : Formerly About Advanced Micro Devices
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To: combjelly who wrote (530290)11/18/2009 1:22:26 PM
From: i-node  Read Replies (1) of 1577055
 
But unless you can actually put numbers to it, it is pretty useless. And the only way to put numbers to it is to analyze past data. Once you change the tax rates or the economy changes, the curve changes and there is no way to determine the curve until after the fact. So it has no predictive value at all. Which Laffer himself says.

Laffer is not an econometrician. Modern economists HAVE put numbers to it using modern techniques, and reasonable estimates have been established. They do change rapidly, however.

As a result, using it as a basis of tax policy is, well, crazy.

So, relying on any theoretical concept to which numbers can't be attached is, well, crazy?
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