Here is Richard Murphy\’s comment on that Johann Hari book review concerning the Laffer Curve:
The New Statesman includes a brilliant article by Johann Hari called Cooking the Books. What it amounts to is a complete destruction of the Laffer curve principle, so beloved by the Right and invented by, as Hari says :
a group of men who were untrained in economics – and, as it happens, borderline-insane.
As he notes, the universally discredited Dick Cheney was one of those involved. He saw it:
presented in a simple, easily digestible form the messianic power of tax cuts.
There was just one problem. It was, of course, a complete work of fiction. Read the article. It’s well worth it.
As far as I recall it, Murphy claims t have a degree in economics. He must have missed that bit where they point out that the Laffer Curve is both obvious and trivial (for a given value of the word trivial).
A more balanced appreciation of Hari\’s piece is here, written by some godawful horrible classical liberal. One who seems to have stayed awake for that 5 minutes of an economics degre.