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Many other conventional macroeconomic indicators, such as the unemployment rate and real GDP, are not consistent over time. US forces overwhelmed those of Spain in Cuba, and as a result of the Spanish-American War, the United States added to its territories the Philippines, Guam, and Puerto Rico. Iraqi dictator Saddam Hussein was captured by US forces on 13 December 2003 and placed in custody. After the same effect was seen when President Johnson cut taxes, economist Arthur Laffer explicitly formulated the theory of the "Laffer Curve" in the 70's, that lower tax rates can produce higher revenue.

Pages: 224

Publisher: MHS Northern Lights Textbook; 2 edition (May 15, 2003)

ISBN: 0873514459

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