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Gordon Tullock: 2 ideas worth knowing

2 ideas from Gordon Tullock, each explained in a minute and credited to the original work. Free on Savvy.

• Economists turned the same self-interest lens on politicians as markets

  James Buchanan and Gordon Tullock argued that politicians and bureaucrats aren't selfless public servants — they respond to incentives just like consumers and firms do, favoring po…

  — James M. Buchanan & Gordon Tullock, The Calculus of Consent

• If a lobbying law could win you millions, why does lobbying for it cost so little?

  Economist Gordon Tullock noticed something odd about rent-seeking: when a government decision is worth a fortune to whoever can swing it, basic economic logic suggests competitors …

  — Gordon Tullock, The Welfare Costs of Tariffs, Monopolies, and Theft

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