This was the basis of the observation that Ronald Reagan would introduce to the American public: Lower taxes help the economy because they incentivize people to do business. Here again, Ibn Khaldun explained, “When tax assessments and imposts upon the subjects are low, the latter have the energy and desire to do things.” Under these circumstances, “cultural enterprises grow,” whereas higher taxes—imposed to finance opulent palaces or large armies—had the opposite effect. When entrepreneurs “compare expenditures and taxes with their income and gain and see the little profit they make, they lose all hope,” refrain from business, and thereby decrease the total tax revenue.
Some 600 years later, an American economist named Arthur Laffer brought new life to these observations. His “Laffer Curve,” famously drawn on a napkin during a 1974 bar meeting with Republican officials, underpinned a generation of Republican economic policymaking. Yet Laffer himself frankly acknowledged, “The Laffer Curve … was not invented by me.” Who was he clearly inspired by? None other than Ibn Khaldun.
It seems that such conversations among Republicans in the ’70s led to Khaldun’s increased notoriety, and they probably account for Ronald Reagan’s public references. In the ’80s, Reagan’s administration put these ideas into practice with major tax cuts, which boosted job creation, incomes, and productivity.
Today, people may reasonably disagree on the legacy of Reaganomics. But there are lessons to be drawn, for various walks of life, from this unexpected connection between a 14th-century Muslim scholar and a 20th-century American president.
For my fellow Muslims, this connection is a reminder of the big contributions our civilization had to the rest of humanity. Our golden age, from the 700s to the 1400s roughly, produced many inventors, scientists, and philosophers whose works fascinated Europeans and helped induce their unprecedented progress. But the very same fact is also a call for self-criticism: Why did we lose that golden age and produce only little universal knowledge afterward? Why did ideas like Ibn Khaldun’s find little interest among us for centuries, as I discussed in my book, Reopening Muslim Minds: A Return to Reason, Freedom and Tolerance?
For American conservatives, many of whom admire Reagan and honor his legacy these days, this small glimpse of a foreign contribution to their Western heritage is another reminder. Western civilization and its accomplishments are not as insular as some may think. Other civilizations, especially Islam, not only made many contributions to the West but also bear common values that call for mutual respect and might facilitate dialogue.
And for American leftists, many of whom have been all too drawn into identity politics and a caricature of capitalism as a scheme of “greedy white men,” the Ibn Khaldun-Reagan connection offers another lesson. It shows that there are universal truths about human nature, as well as dynamics of society and economics, which can be empirically studied by all minds, regardless of race, culture, and religion. And it just seems to be an empirical fact that free markets generate wealth—and when they are suffocated, as Ibn Khaldun warned, “civilization slumps, and everything decays.”