Markets certainly aren’t immune to failure–however, many economic models exploring “market failure” and classic textbook examples criticizing free-markets utilize unrealistic models that underrate the innovations of real-world capitalism, and which simultaneously overrate the ability of political saviors. In this lesson, Dr. Laffer dissects the flaws...
[embed]http://www.youtube.com/watch?v=XJR96cjROz0&ab_channel=OxfordUnion[/embed] The Oxford Union is a prestigious debating society, with an unparalleled reputation for bringing international guests and speakers to Oxford. Since 1823, the Union has been promoting debate and discussion not just in Oxford University, but across the globe. Dr. Laffer addressed the Oxford Union to...
To most people, the Fed remains a mysterious entity. In this lesson, Dr. Laffer pierces the fog by applying basic economic principles to this intimidating topic. He explains how they make money and how, contrary to popular belief, they do not set interest rates. Link to...
Regardless of a country’s natural resources, culture, or education, the institutions it has in place are far more significant in explaining its economic development. Countries with secure private property rights, the rule of law, and free markets tend to have higher per capita incomes and...
Everybody knows that the government spends a whole lot more money doing the same job than the private sector would—and usually doesn’t do as good a job. This pattern isn’t just a coincidence. There are straightforward reasons for the tendency of government interventions in the...
Brian Domitrovic's recent book, The Emergence of Arthur Laffer: The Foundations of Supply-Side Economics in Chicago and Washington, 1966-1976, explores Dr. Laffer's career before working alongside the Reagan administration. In this period, the primary focus of Dr. Laffer's studies was monetary policy, rather than tax...
This comprehensive study on Kentucky’s economic history and prosperity agenda examines state revenue, pensions, tax structure, and political corruption. While Kentucky’s economic performance has historically ranked poorly, Dr. Laffer offers remedies for a path forward. Link to study: The Commonwealth of Kentucky - An Economic History and...
I spent all weekend thinking about Bob Mundell. I had just gotten the hard copy of my own book released several weeks ago, and I was reading it, beginning with the dedication: To Bob Mundell. Robert A. Mundell, the 1999 Nobel Prizewinner in economics and...