this post was submitted on 20 May 2025
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i almost believe there has to be like a reckoning in economics, kind of like with psychology and the backlash against freud. far too many of the assumptions are taken for granted as fact despite haveing no data to back them (like the laffer curve, really?). they just get propogated because rich white men said stuff that benefits them.
like there is definitely some truth to glean in economics. but as it stands, it’s a disservice to call it a science.
absolutely, my statement was real edgelordy, but the idea behind economics, that is to say "resource management" is a valuable field of study, but as you say, it's all been manipulated shit to make the rich richer.
well expressed!
Nobody ever looked at the laffer curve and went "huh, so we cut taxes for the rich, and tax revenue went down, that means we should raise taxes for the rich."
It's been a long time since my college econ classes, but I remember the flaw with Laffer's curve wasn't so much that it exists as it was his assumption that we're on the right side of the curve instead of the left.
As far as I can remember, even if Laffer was correct about his theory (and that's a hell of an if) no one has been able to demonstrably prove the point where cutting taxes increases federal revenue. It's pretty obvious at this point the whole theory is just a post hoc rationale for cutting taxes.
But the laffer curve indicates that if we cut taxes a little and that lowers revenue, cutting them even more would be much worse??
Yes, that was my point, that if they actually believed in that model, they would support raising taxes because every time we cut taxes, revenue decreases.