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Close your eyes and imagine it's 1975. Inflation is high, jobs are scarce and the government decides the best way to stimulate the economy is to raise taxes. Nowadays, that approach doesn't seem to make much sense, but smart people once believed that the best way to help the common man was to tax him as much as possible, then turn around and dole out entitlements to keep folks afloat.
What changed this thinking was a little curved line on a piece of graph paper. During the Ford administration, a young economist named Arthur Laffer decided to prove graphically that higher taxes were bad and lower taxes were so good, they could actually boost government revenue, not shrink it. (There's an apocryphal story about him excitedly drawing a picture on the back of a cocktail napkin.)
How? Think of a pure curve, starting at zero and going to 100, with the peak of the hump somewhere in between (more on that later). At zero, if the government assessed no taxes, the government would have no revenue. But, at 100, if the government taxed all the income at a dollar-for-dollar rate, the government would have nothing either, since folks would have no incentive to work if they were handing over all their paycheck to the Feds.
Somewhere in between was the ideal rate between taxing so the government can stay in business, but not crippling regular folks. Ideally, low taxes are better, according to Laffer, since it gives more money to consumers to spend and thus stimulate the economy. In fact, the Laffer curve was the foundation of what became Supply-Side Economics.
And, for the record, Laffer never took credit for the idea, saying economists had been promoting the idea for centuries. Of course, none of them had a napkin.
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Friday, May 09, 2008
Luminus Devices Wins SBANE 2008 Innovation Award
Comtex
BILLERICA, Mass., May 09, 2008 (BUSINESS WIRE) ----Luminus Devices, Inc., the developer and manufacturer of PhlatLight(R) (Photonic Lattice) LED products for a wide variety of display and illumination applications, today announced it has been named a winner of the 2008 Small Business Association of New England (SBANE) Innovation Awards. The award recognizes companies that have transformed their innovative ideas into a product or service that delivers proven value to its customers. Luminus was recognized for its PhlatLight LED technology, an innovative and efficient new way to maximize light emission from an LED.
Luminus Devices develops and manufactures the world's brightest LEDs in Billerica and Woburn Massachusetts. In addition to the display market where they have established a leadership position, they are rapidly expanding PhlatLight(R) LEDs into lighting applications.
This year, 165 companies were nominated for the 2008 SBANE Innovation Award and 15 semi-finalists were announced on April 4. The semi-finalist companies made final presentations before SBANE judges on April 8 and on Wednesday evening at the Westin Hotel in Waltham, Luminus Devices was selected as a winner.
"Luminus Devices' superior technology and growth profile made it one of the most compelling SBANE Innovation Award nominees this year and a most deserving winner," said Bob Baker, president SBANE. "In the months and year ahead it is obvious that Luminus has a business plan and strategy for impacting our local economy by providing a solid base of jobs while at the same time helping to revolutionize the solid state lighting industry on a global scale."
"Luminus Devices is honored that SBANE recognized our company as a 2008 Innovation Award winner," said Udi Meirav, CEO, Luminus Devices. "We are fortunate to be part of the New England business community and see the human capital of the greater Boston area as a source of pride and competitive advantage. Luminus's achievements would not have been possible anywhere else in the country."
Spun out of research conducted at MIT, the name PhlatLight is derived from its underlying photonic lattice structures, which are embedded in the LEDs to maximize the amount of light produced. The result is substantially more light produced in a narrower, collimated beam that is more easily collected and delivered and, by consequence, the brightest commercially available LED in the world.
About SBANE
Established in 1986, SBANE's New England Innovation Awards recognize companies that are not merely successful, but whose success is due to innovation and thought leadership. More than 100 companies have been presented with Innovation Awards since its inception, including Ben & Jerry's Homemade Inc., Genzyme Corporation, Nantucket Nectars and ECI Biotech.
About Luminus Devices
Luminus Devices, Inc. develops and manufactures high performance solid state light sources for a variety of illumination applications, including high definition TVs, video projectors, avionics displays, and lighting systems. Its patented PhlatLight(R) (Photonic Lattice) LED products are the brightest and most versatile solid-state light sources available today and are enabling innovative products and applications never before possible. Luminus Devices' headquarters and primary manufacturing facilities are located in Billerica, Massachusetts, U.S.A. For more information, visit www.luminus.com and www.phlatlight.com.
Note to editors: PhlatLight is a registered trademark of Luminus Devices.
SOURCE: Luminus Devices, Inc.
Luminus Media Contacts: Schwartz Communications Bill Keeler or Nicole Slein, 781-684-0770 luminus@schwartz-pr.com
Copyright Business Wire 2008
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