I’m suggesting a thought experiment. I’m aware Art Laffer was part of the Reagan administration. I brought up the curve because it’s the most well known Maxim of economic theory besides “no such thing as a free lunch.”
Yes, I was also saying that the Laffer curve doesn't apply to socialism.
It's a concept that is valid only in a free market economy. In a socialist economy people don't choose which jobs to do or how much to work, nor do they pay taxes.
Laffer Curve does not apply to a socialist economy so it wouldn't have been relevant for Lenin.
Also at the time of Lenin's revolution there was very little economic theory and nobody knew that it wouldn't work in the long run.
The economist who first debunked the planned economy and demonstrated how it cannot prosper was Von Mises in 1920.
I’m suggesting a thought experiment. I’m aware Art Laffer was part of the Reagan administration. I brought up the curve because it’s the most well known Maxim of economic theory besides “no such thing as a free lunch.”
Yes, I was also saying that the Laffer curve doesn't apply to socialism.
It's a concept that is valid only in a free market economy. In a socialist economy people don't choose which jobs to do or how much to work, nor do they pay taxes.
So Lenin would dismiss it.