Tullock paradox "Rent-seekers wanting political favors can bribe politicians at a cost much lower than the value of the favor to the rent-seeker. A rent seeker who hopes to gain a billion dollars from a political policy may need to bribe politicians only $10 Million."
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Replying to @Molson_Hart
Btw this is very similar to what the term "privilege" historically meant (except that you didn't necessarily had to pay for it, you could be born into it).
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Replying to @Molson_Hart
E.g. in 18th century France you could buy offices from the govt (potentially lots of power for some money) + a way for middle class people to advance to the 2nd estate (nobility), one of the privileged classes (tax exemptions). https://en.wikipedia.org/wiki/Venal_office … https://en.wikipedia.org/wiki/Estates_of_the_realm#Second_Estate …
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Replying to @gsvigruha
Today you campaign finance congresspeople so they pass favorable regulations / bail you out if needed. Either way you use some of your private money to have access to public money / some legal status using some government institutions.
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Got it thanks! Didn't know about that prior to reading your tweets!
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