“No doubt exists that rent seeking in general leads to serious inefficiencies in this direct sense, but its indirect damage is even worse. Drawing the bulk of intelligent and energetic people in society into activity that has no social product, or may have a negative social product, is more important in explaining the stagnation of these societies than the direct social cost of the rent seeking.” PeopleMayImportantSocialDoubtSeriousProductsCostActivityNegativeDirectIntelligentSeekingDrawingDamageNo DoubtExplainingEnergeticStagnationIndirectInefficiency Book:Government Failure: A Primer in Public Choice Source: Government Failure: A Primer in Public Choice
“I believe I have demonstrated that the voters are characteristically ill-informed when voting on reducing social costs. Furthermore, their primary concern is with wealth transferred to themselves, rather than with social cost efficiency. Logically, this would mean that democratic government would be inefficient in reducing social costs.” BelieveMeanGovernmentWould BeI BelieveSocialWealthCostConcernDemocraticIllPrimariesVotingVotersEfficiencyReducingDemocratic Government Book:The economics of politics Source: The economics of politics
