OPINION - Labour's non-dom problem raises awkward questions about how to fund better public services

If nothing else, economists are good at naming things. Malthusianism, Abenomics or, my personal favourite, Baumol's cost disease. But for policymakers, the most important theory is perhaps the Laffer curve, named after the American economist Arthur Laffer, who argued there is a theoretical tax rate at which maximum revenue is achieved.