How CRAZY that it's still around!
It's a beautiful piece of simple economics, not exactly directly applicable in the real world but conceptually accurate enough that it's worth bearing in mind always.
“If you tax a product less results/If you subsidize a product more results./We've been taxing work, output and income and subsidizing non-work, leisure and un-/employment./The consequences are obvious!”
In 1974 economist Art Laffer sketched a new direction for the Republican Party on this napkin. Displeased with President Gerald Ford’s decision to raise taxes to control inflation, four men got together at a Washington, DC restaurant to think about alternatives. Laffer was joined by journalist Jude Wanniski and politicians Dick Cheney and Don Rumsfeld. Laffer argued that lowering taxes would increase economic activity. Wanniski popularized the theory, and politicians Don Rumsfeld and Dick Cheney carried it out.