Washington is rich not because it makes valuable things, but because it is powerful. With virtually everything subject to regulation, it pays to spend money influencing the regulators. As P.J. O'Rourke famously observed: "When buying and selling are controlled by legislation, the first things to be bought and sold are legislators." But it's not just bags-of-cash style corruption. Most of the D.C. boom is from lobbyists and PR people, and others who are retained to influence what the government does. It's a cold calculation: You're likely to get a much better return from an investment of $1 million on lobbying than on a similar investment in, say, a new factory or better worker training.The rent seeking society gone wild.
Tuesday, November 27, 2012
Professor Glenn Reynolds reports:
Posted by Steve Bartin at 4:35 AM