“The more you tax something, the less of it you get.” — Art Laffer
Arthur Betz Laffer is an American economist, best known for the Laffer Curve, a theory illustrating the relationship between tax rates and government revenue. He has been a prominent advocate of supply‑side economics, advising U.S. presidents and policymakers on tax reform and economic growth. His ideas have shaped conservative economic policy for decades.
Timeline Overview
| Year | Milestone |
|---|---|
| 1940 | Born August 14 in Youngstown, Ohio |
| 1960s | Studied economics at Yale University (B.A.) and Stanford University (M.B.A., Ph.D.) |
| 1970s | Served as professor at University of Chicago; developed the Laffer Curve |
| 1980s | Advisor to President Ronald Reagan during tax reform era |
| 1990s | Founded Laffer Associates, an economic consulting firm |
| 2000s | Continued advising policymakers and writing on supply‑side economics |
| 2019 | Awarded the Presidential Medal of Freedom by President Donald Trump |
| Present | Active as commentator, consultant, and lecturer on economic policy |
Quick Facts
| Attribute | Detail |
|---|---|
| Full Name | Arthur Betz Laffer |
| Birthdate | August 14, 1940 |
| Birthplace | Youngstown, Ohio, USA |
| Nationality | American |
| Ethnicity | White American |
| Age | 86 years (as of 2026) |
| Hair | Grey |
| Eyes | Blue |
| Education | Yale University (B.A. Economics); Stanford University (M.B.A., Ph.D. Economics) |
| Profession | Economist, Policy Advisor |
| Employer | Laffer Associates |
| Residence | Nashville, Tennessee |
| Years Active | 1970s–Present |
| Awards | Presidential Medal of Freedom (2019) |
| Net Worth | Estimated $10–15 million |
| Zodiac Sign | Leo ♌ |
Parents, Siblings & Relatives
- Parents: Raised in Ohio; family details not widely publicized.
- Spouse/Children: Married with children; maintains a private family life.
Early Life & Education
Laffer was born in Youngstown, Ohio, and pursued economics at Yale University, later earning advanced degrees at Stanford University. His academic training laid the foundation for his influential work in economic theory and policy.
Career Journey
Art Laffer rose to prominence in the 1970s while teaching at the University of Chicago, where he developed the Laffer Curve. The curve illustrates that beyond a certain point, higher tax rates reduce government revenue by discouraging economic activity.
He became a key advisor to President Ronald Reagan, helping shape tax reform policies that emphasized lower tax rates to stimulate growth. Laffer later founded Laffer Associates, providing economic consulting to businesses and governments.
In 2019, he was awarded the Presidential Medal of Freedom by President Donald Trump, recognizing his contributions to economic thought.
Major Works
- Development of the Laffer Curve
- Advisor to Reagan administration on tax policy
- Founder of Laffer Associates
- Author of books on supply‑side economics
Awards & Recognition
- Presidential Medal of Freedom (2019)
- Widely recognized as a leading advocate of supply‑side economics
Public Persona & Style
Art Laffer is known for:
- Clear advocacy of tax cuts and deregulation
- Accessible explanations of complex economic theories
- Influence on conservative economic policy
Lifestyle & Personal Insights
He resides in Nashville, Tennessee, continuing to lecture, consult, and write on economic issues.
Physical Appearance
Medium build, with grey hair and blue eyes, presenting a professional, approachable presence.
Salary & Net Worth
His estimated net worth is $10–15 million, primarily from consulting, teaching, and publishing.
Frequently Asked Questions
Who is Art Laffer? He is an economist best known for the Laffer Curve and his role in supply‑side economics.
What is the Laffer Curve? A theory showing the relationship between tax rates and government revenue.
Did he advise U.S. presidents? Yes, notably Ronald Reagan and later Donald Trump.
Related Figures
Legacy
Art Laffer’s legacy lies in his creation of the Laffer Curve, his influence on Reagan‑era tax reforms, and his enduring role in shaping conservative economic thought.
Sources
- University of Chicago archives
- Laffer Associates publications
- Presidential Medal of Freedom records
- Media interviews and economic profiles
Interesting Facts
- The Laffer Curve was famously sketched on a napkin in the 1970s.
- He advised both Reagan and Trump administrations.
- Founded Laffer Associates, a consulting firm.
- Awarded the Presidential Medal of Freedom in 2019.
- His zodiac sign is Leo.