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The Laffer Curve: Past, Present, and Future


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The story of how the Laffer Curve got its name begins with a 1978 article by Jude Wanniski in The Public Interest entitled, Taxes, Revenues, and the Laffer Curve. 1 As recounted by Wanniski (associate editor of The Wall Street Journal at the time), in December 1974, he had dinner with me (then professor at the University of Chicago), Donald Rumsfeld (Chief of Staff to President Gerald Ford), and Dick Cheney (Rumsfeld s deputy and my former classmate at Yale) at the Two Continents Restaurant at the Washington Hotel in Washington, D.C. While discussing President Ford s WIN (Whip Inflation Now) proposal for tax increases, I supposedly grabbed my napkin and a pen and sketched a curve on the napkin illustrating the trade-off between tax rates and tax revenues. Wanniski named the trade-off The Laffer Curve. ....

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China's Industrial Development Is Constrained by Shortage of Specialty Gases and Lack of Talents


China’s Industrial Development Is Constrained by Shortage of Specialty Gases and Lack of Talents
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Chinese media outlets reported on March 29 that China’s Ministry of Science and Technology and other government departments have recently issued successive policies in an attempt to solve what they call “bottleneck issues,” including the shortage of chips and key technologies. However, the shortage of industrial gases, especially electron specialty gases, is a big problem and the situation is exacerbated by recent market price fluctuations. They are essential raw materials for manufacturing chips and for many other sectors, including national defense and aerospace.
Recent public reports indicate that the overall market prices of industrial gases have continued to rise rapidly, with the average weekly price of liquid gases in China rising by 16 percent by the end of the third week of March. The main reason is that the global shortage of semiconductor chi ....

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