Prosperity Through People and Policy: Dr. Art Laffer & Lord Matthew Elliott on Going Big
Few figures have shaped the global economic conversation quite like Dr. Art Laffer, the economist behind the legendary “Laffer Curve,” and Lord Matthew Elliott, the strategic mind behind Brexit. In this episode of the Going Big podcast, Kevin Gentry sits down with both men to explore their latest book, Prosperity Through Growth, and how individuals, not governments, are the real engines of prosperity.
Choosing the Risky Road
Dr. Laffer opens with a personal moment of decision: turning down a prestigious lifetime university professorship in favor of jumping into the risky, uncertain world of public policy and private consulting. “If I accept this, I will lose all the incentives I have from being afraid to fail,” he shares. That leap into discomfort became the foundation of his prolific career.
Incentives Matter
At the heart of both Laffer and Elliott’s message is a simple truth: incentives drive human behavior. Lord Elliott emphasizes, “It’s individuals and companies—not governments—that create wealth.” This guiding principle informs their economic philosophy and their call for smaller, more efficient government.
The Hidden Cost of Thinking Small
What happens when leaders fail to think big? Lord Elliott provides a stark example: in 2000, the UK and the US had nearly equal GDP per capita. Today, Americans are 40% richer. The reason? Policy missteps and lack of long-term vision. “People are fighting over a shrinking pie,” he warns, calling for a return to growth-oriented policies.
The Five Kingdoms of Economic Growth
Their book outlines five key areas for reform: taxes, spending, regulation, trade, and monetary policy. According to Dr. Laffer, these must be addressed together to generate true, sustainable growth. The goal isn’t just economic prosperity—it’s human flourishing. As Lord Elliott puts it, “It’s about allowing people to fulfill their potential.”
Global Lessons, Local Impact
The conversation touches on economic transformations in Chile, Eastern Europe, and Dubai—places that implemented policies similar to those advocated in the book. Dr. Laffer, drawing from his experience advising presidents and prime ministers, reminds us that prosperity has always followed the same formula: empower individuals, reduce government overreach, and keep incentives aligned.
Courage to Lead
Leadership, both men argue, requires courage. Margaret Thatcher, one of their economic heroes, faced intense opposition from unions, political rivals, and even members of her own party. But she pressed on. “Sometimes economic policies don’t poll well short-term,” Elliott admits, “but great leaders do what’s right for long-term prosperity.”
The Personal Side of Thinking Big
Both Laffer and Elliott share their own big moves. For Elliott, it was founding the TaxPayers’ Alliance and later leading the Vote Leave campaign. For Laffer, it was stepping away from academia and bringing real-world economic reform to the White House.
The famous “Laffer Curve” wasn’t born in a think tank—it was sketched on a napkin in conversation with Dick Cheney and Donald Rumsfeld. Its message? Tax rates too high or too low reduce revenue. The key is finding the sweet spot that encourages growth.
Going Big Starts with Belief
Dr. Laffer encourages listeners to pursue their dreams boldly: “Prepare for the best prosperity in the best ways. Dream for the dream.” Lord Elliott adds, “Don’t be afraid to ask. Shy kids get nothing.”
If They Could Put It on a Billboard…
Dr. Laffer: “If you tax people who work and pay people who don’t, don’t be surprised if fewer people work.”
Lord Elliott: “The best way to create a flourishing society is through individual liberty and free enterprise.”
Want to unlock prosperity in your own life or community?
Check out Prosperity Through Growth by Dr. Art Laffer, Lord Matthew Elliott, Michael Hinton, and Douglas McWilliams. It’s more than just policy—it’s a call to action for anyone ready to go big for themselves and their society.
