Public Choice Theory Vindicated! … umm, again

The Principle-Agent Problem strikes again. Who’da thunk it??

“Most of my colleagues are dishonest career politicians who revel in the power and special-interest money that’s lavished upon them.”

“My main job is to keep my job, to get reelected. It takes precedence over everything.”

“Fundraising is so time consuming I seldom read any bills I vote on. Like many of my colleagues, I don’t know how the legislation will be implemented, or what it’ll cost.”

“Voters are incredibly ignorant and know little about our form of government and how it works.”

“It’s far easier than you think to manipulate a nation of naive, self-absorbed sheep who crave instant gratification.”

Which, when combined with the Esau Problem:

“We spend money we don’t have and blithely mortgage the future with a wink and a nod. Screw the next generation.”

“It’s about getting credit now, lookin’ good for the upcoming election.”

… is a recipe for fiscal, and eventually monetary, disaster.

This blog is part of my efforts to bring this corruption of public institutions – the transformation of politics into the mere bribing of the electorate with its own money, and taking a cut as the money passes through – to people’s notice.

I’ll do more as time allows. But please, if you get a chance, pass the word.

The price of freedom is eternal vigilance, after all.

 

 

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About Stebbing Heuer

A person interested in exploring human perception, reasoning, judgement and deciding, and in promoting clear, effective thinking and the making of good decisions.
This entry was posted in Asymmetric Information, Esau Problem, Moral Hazard, Principal-Agent Problems. Bookmark the permalink.

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