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Monday Overnight Open Thread - January 28, 2025 [scampydog}
Baby Animals Cafe Socialist President of Colombia Gets Roar of Approval from Anti-American, Pro-Crime Media For Refusing to Take Back His Criminals And Then He Folds Braindead Husk Joe Biden -- Or Really, the Staffers Illegally Running the Government -- Pardoned a Drug Kingpin Who Murdered a Mother and Her 8-Year-Old Child to Keep Her From Testifying Against Him as a "Nonviolent" Drug Violator Trump Fires "More Than a Dozen" DOJ Officials Involved In Investigating Him; New DC US Attorney Opens Investigation Into DOJ's Overcharging of J6ers Secretary of Defense Pete Hegseth (Eat It, Bitch McConnell) Reverses Insubordinate Malicious Compliance from Woke Air Force Official Oh, No! Trump Prepping Exec Order to Ban Transgenders from Military CIA Director Ratcliffe Releases Suppressed CIA Report: Yes, Covid Was Created in the Wuhan Lab "I Don't Really Care, Margaret" THE MORNING RANT: Additional Executive Orders to Put Before President Trump Absent Friends
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January 11, 2013
James Buchanan, Leading Proponent of Public-Choice Theory, RIPFrom CBD in the sidebar, Buchanan developed a theory which probably strikes you now as common sense but at one time was controversial. The economic school he founded, known as public-choice theory, casts a skeptical eye on government officials and bureaucrats and points out that their work might serve the public less than a very private enterprise. Previously economists had not studied the operations of government (at least not using the economic tools and assumptions of each person seeking to maximize his own wealth/power), believing government to be outside the scope of economic analysis. This cleared the field, at least intellectually, for political scientists to consider public policy choices in the same terms that politicians described them, that is, sanctimoniously, romantically, with the assumption that any public policy choice was about "the good." Buchanan rejected that and applied the assumptions of economics -- political actors are self-concerned and act to maximize their own position -- and thus demystified and demythologized the Great Men of Politics, as conventional academic thought would term them. I have always wondered whether Buchanan turned to the study of sanctimonious government officials and their interests because he spent time in graduate school on the South Side of Chicago in the late 1940s (the neighborhood where I was later born). Hyde Park was lively, but uneven. Little shops along 55th Street, just north of the university, might thrive, but poor black migrants crowded together in apartments with insufficient heat during the city’s tough winters. It seems an obvious point now -- so obvious it doesn't even seem like it needs a full-fledged economic theory to support it -- but in fact he had to depart one university (the University of Virginia) because his heresies bothered the other professors there, who were thralls in the Cult of the Kennedys. Per Wikipedia, the concept of "rent-seeking" flowed out of the public-choice school (though I don't know if Buchanan himself developed it, or if it was developed by other economists working on the theory): A field that is closely related to public choice is "rent-seeking". This field combines the study of a market economy with that of government. Thus, one might regard it as a "new political economy." Its basic thesis is that when both a market economy and government are present, government agents provide numerous special market privileges. Both the government agents and self-interested market participants seek these privileges in order to partake in the resulting monopoly rent. When such privileges are granted, they reduce the efficiency of the economic system. In addition, the rent-seekers use resources that could otherwise be used to produce goods that are valued by consumers. Again, very obvious... in retrospect. But there once was a world in which liberal academics took the claims of liberal politicians at face value. Um.... I guess it's the same today. So putting it a different way: There once was a world in which liberal academics took the sanctimonious claims of liberal politicians at face value, and wasn't even any minority, contrarian theory to oppose them. | Recent Comments
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Monday Overnight Open Thread - January 28, 2025 [scampydog}
Baby Animals Cafe Socialist President of Colombia Gets Roar of Approval from Anti-American, Pro-Crime Media For Refusing to Take Back His Criminals And Then He Folds Braindead Husk Joe Biden -- Or Really, the Staffers Illegally Running the Government -- Pardoned a Drug Kingpin Who Murdered a Mother and Her 8-Year-Old Child to Keep Her From Testifying Against Him as a "Nonviolent" Drug Violator Trump Fires "More Than a Dozen" DOJ Officials Involved In Investigating Him; New DC US Attorney Opens Investigation Into DOJ's Overcharging of J6ers Secretary of Defense Pete Hegseth (Eat It, Bitch McConnell) Reverses Insubordinate Malicious Compliance from Woke Air Force Official Oh, No! Trump Prepping Exec Order to Ban Transgenders from Military CIA Director Ratcliffe Releases Suppressed CIA Report: Yes, Covid Was Created in the Wuhan Lab "I Don't Really Care, Margaret" THE MORNING RANT: Additional Executive Orders to Put Before President Trump Search
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