Arthur Betz Laffer American economist Date of Birth: 14.08.1940 Country: USA

Arthur B. Laffer: A Biography

Arthur Betz Laffer, an American economist, is best known for his development of the Laffer Curve, which illustrates the relationship between tax rates and government revenue. Born on August 14, 1940, in Youngstown, Ohio, Laffer's parents were William Gillespie Laffer, the president of Clevite Corporation, and Marian Amelia 'Molly' Laffer, a homemaker and politician.

Laffer earned a Bachelor's degree in economics from Yale University in 1962. He then completed his Master of Business Administration from Stanford University in 1965 and obtained a Ph.D. in economics in 1971. While working as a professor at the University of Chicago Graduate School of Business, Laffer discussed the Laffer Curve with members of the Nixon administration. Later, during his tenure at the Marshall School of Business at the University of Southern California, he played a key role in the creation of Proposition 13, which reformed property tax rates in California and inspired similar initiatives in other states.

In the mid-1980s, Laffer began teaching at Pepperdine University near Malibu and remained on the faculty for several years. In 1986, he ran as a Republican for the U.S. Senate seat in California, winning the primary election. Laffer identified himself as a staunch fiscal conservative and supporter of freedom of thought and action. He publicly stated that he voted for Bill Clinton in the 1992 and 1996 presidential elections.

In 2008, Laffer was named a Distinguished Professor of Economics at Mercer University in Georgia. He is the founder and CEO of Laffer Associates, an economic research and consulting firm based in Nashville, Tennessee. The firm works with pension funds, financial institutions, and corporations, providing economic analysis and research. Laffer also serves on the boards of several public and private companies. He is a member of the advisory committee of the independent investment bank Sonenshine Partners, providing comprehensive strategic, financial, and corporate advisory services. In 2004, he joined the board of directors of Pillar Data Systems, a non-governmental company specializing in data storage and financed by Tako Ventures, an investment company owned by Larry Ellison.

Laffer does not claim to have invented the concept of the Laffer Curve. He credits his knowledge of the concept to the works of Ibn Khaldun and John Maynard Keynes. The term "Laffer Curve" was coined by American journalist and political economist Jude Wanniski.