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Nov 17, 2012

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JHM

Great links this week.

I'm hoping we can get a 3D printer in the not-too-distant future. I'd like to have my students "print" some of their instruments.

I know Google is huge, but it's shocking to me that it's ad revenue is more than all print media combined.

Speaking of Google, I think Google Fiber would be the only reason I'd want to move closer to KCK. I'm jealous.

Michael W. Kruse

The Google ad thing is pretty amazing. I find this surprising as well.

We'll see if Fiber lives up to the hype.

NKR

Re: #4, a comment on the article you posted sums up the usefulness of such gaudy (or goady?) analysis. ;)

"While the goat example is interesting, it does not appear to come close to accurately estimating the apex of the Laffer curve for the US. Economists estimate the apex between 54 % and 80%, with most estimates close to 70%.

GDP growth data tends to support this. The best real GDP growth in the Reagan years was with a 50% top marginal rate. Growth went down when the rate was lowered to 28%, went up when the rate was increased to 31% under Bush, went up again when Clinton raised the rate to 39.6%, and growth went down when Bush cut the rate to 35%.

What this tells me is that for top marginal tax rates below 50%, changes have little or no impact on GDP growth. And since we are on the upward sloping side of the Laffer curve, increases in the tax rate will increase tax receipts for rates below the apex."

Michael W. Kruse

I have no empirical idea where the hump in the Laffer Curve is, though I expect it is north of 25% and south of 75%. I don't think the consensus is all the strong on any number. See Brad Delong's post:

http://delong.typepad.com/sdj/2010/08/where-is-the-peak-of-the-laffer-curve.html

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