Comments: Economic Fallacies from the Laffer Curve

The best the Laffer argument can do is suggest the existence of a maximum value of tax revenues and a tax rate that yields it. (t=0, revenue=0, t=100, nobody works, revenue > 0 for t in (0,100)). Existence requires continuity of revenue in t on (0,100) and uniqueness requires concavity of revenue. Martin Gardner had some fun with the absence of these properties in a Scientific American column, about 30 years ago.

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