United States President Donald J. Trump presents the Presidential Medal of Freedom to Arthur Laffer, in the Oval Office of the White House in Washington, D.C., on Wednesday. Photo by Ron Sachs/UPI
Laffer originated the "Laffer Curve" that seemingly shows the more taxes are cut, the more economic activity there is, and that increase offsets the effects of the tax cut. Photo by Ron Sachs/UPI
Laffer also authored a book titled 'Trumponomics: Inside the America First Plan to Revive Our Economy. Photo by Ron Sachs/UPI
June 19 (UPI) -- President Donald Trump on Wednesday awarded the Presidential Medal of Freedom to economist Arthur Laffer, an adviser to former President Ronald Reagan.
Trump presented the award to Laffer, the co-author of a book called Trumponomics: Inside the America First Plan to Revive Our Economy in a ceremony in the Oval Office on Wednesday afternoon.
Laffer is known as the father of supply-side economics, the theory that economic growth can be boosted by cuts to taxes and regulations.
"Few people in history have revolutionized economic theory like Arthur Laffer," Trump said. "I've heard and studied the Laffer curve for many years. A very important thing you did."