A controversial study of Congress and the shifting balance between amateur and career politicians

It is now twenty years since the concept of rent-seeking was first devised by Gordon Tullock, though he was not responsible for coining the phrase itself. His initial insight has burgeoned over two decades into a major research program which has had an impact not only on public choice, but also on the related disciplines of economics, political science, and law and economics. The reach of the insight has proved to be universal, with relevance not just for the democracies, but also, and arguably more important, for all forms of autocracy, irrespective of ideological com plexion. It is not surprising, therefore, that this volume is the third edited publication dedicated specifically to scholarship into rent-seeking behavior. The theory of rent-seeking bridges normative and positive analyses of state action. In its normative dimension, rent-seeking scholarship has expanded, enlivened, in some respects turned on its head, the traditional welfare analyses of such features of modern economics as monopoly, externalities, public goods, and trade protection devices. In its positive dimension, rent-seeking contributions have provided an important analy tical perspective from which to understand and to predict the behavior of politicians, interest groups and bureaucrats, the media and the academy within the political market place. This bridge between normative and positive elements of analysis is invaluable in facilitating an understanding of and evaluating the costs of state activity within a consistent paradigm.

The concepts of rents and rent-seeking are central to any discussion of the processes of economic development. Yet conventional models of rent-seeking are unable to explain how it can drive decades of rapid growth in some countries, and at other times be associated with spectacular economic crises. This book argues that the rent-seeking framework has to be radically extended by incorporating insights developed by political scientists, institutional economists and political economists if it is to explain the anomalous role played by rent-seeking in Asian countries. It includes detailed analysis of Thailand, Malaysia, the Philippines, the Indian sub-continent, Indonesia and South Korea. This new critical and multidisciplinary approach has important policy implications for the debates over institutional reform in developing countries. It brings together leading international scholars in economics and political science, and will be of great interest to readers in the social sciences and Asian studies in general.

Citizens, journalists, and watchdog organizations claim that U.S. Congress members serve special interest groups in return for lucrative jobs in industry once they leave office—and that these legislators become lax in their final term of office as they are no longer compelled by elections to provide quality representation to citizens. This book investigates the veracity of these claims. The established consensus among scholars and citizens groups is that democracy suffers when U.S. Congress members prepare to leave office—that legislators are quick to satisfy pressure groups' requests in part because they anticipate being rewarded with financially compelling positions in those organizations once they leave office. But is this actually true? Focusing on 346 of the senators and representatives who left office during the 107th through 111th Congresses (January 2001 to January 2011), this book makes a counterintuitive argument: that job-seeking legislators provide stalwart service to citizens during their final term of office for fear of damaging their reputations and imperiling their post-Congressional career prospects. After an introductory chapter, author Matthew S. Dabros summarizes past research on political opportunism before discussing how nonelectoral constraints imposed by special interests (namely, diminished post-Congressional employment opportunities) actually encourage job-seeking legislators to provide quality representation to citizens even in their final term in office. The book also describes the nature and identifies the determinants of post-Congressional careers. The chapters use numerous contemporary examples and draw parallels to topics familiar to general readers to ensure that the book is highly accessible and interesting to nonspecialists.

This book anticipates virtually every antitrust issue you can expect to face, including: horizontal and vertical restraints; joint ventures; private treble damage actions; price fixing; and more.

What are the central questions of economics and how do economists tackle them? This book aims to answer these questions in 100 essays, written by economists and selected from "The New Palgrave: A Dictionary of Economics". It shows how economists deal with issues ranging from trade to taxation.

Mihályi and Szelényi provide a timely contribution to contemporary debates about inequality of incomes and wealth, offering a careful examination of various sources of rent in contemporary societies, and considering several policy options to reduce inequality in order to preserve the meritocratic nature of liberal democracies. While Rent-Seekers, Profits, Wages and Inequality acknowledges the rapid and disturbing increase of incomes and wealth in the top 1 or 0.1%, it focuses on the increasing rent component of incomes and wealth in the top 20% as even more consequential. The attention to cutting-edge issues on inequality in macroeconomics, political science and sociology will appeal to social scientists interested in income distribution and wealth accumulation.