The Laffer Principle - part the first

Arthur Laffer's silliness has come up in the news, directly and indirectly, over the recent days (2019 - in the hopper for a while). Here's one that's particularly amusing. Of course, if Laffer's 'theory' were true, Samsung et al would keep spitting out LCD panels at decreasing average price since they 'know' that such supply will create new demand. Laffer says so.

LCD panels for various applications including computer displays, televisions, smartphones, digital signage, and other are produced at dozens of factories in China, Japan, South Korea, and other countries creating oversupply and cut-throat competition. Given macroeconomic uncertainties, demand for numerous devices such as TVs is expected to be weak during the year-end shopping season, which puts further pressure on panel makers.

Meanwhile, it looks like there are simply way too many LCD panels made these days.