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| | Rent-Seeking, Public Choice, and The Prisoner's Dilemma |
 | | The public money and public liberty...will soon be discovered to be sources of wealth and dominion to those who hold them; distinguished, too, by this tempting circumstance, that they are the instrument, as well as the object of acquisition. |
 | | In a classic Public Choice strategy, however, this may mollify the many, even while continuing to provide the political rents for its own constituency, a constituency that includes everyone who sympathizes with the "compassion" of welfare, even if they are not on it. |
 | | Nevertheless, the basic insight of both rent-seeking and Public Choice theory is already evident in the Thomas Jefferson quote at the beginning of this essay. |
| www.friesian.com /rent.htm (3941 words) |
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