Source: EconLog
by Bryan Caplan

"What economics teaches is not that greed is good, but that good incentives transform this questionable motive into awesome results. Greed plus property rights plus competition plus rationality plus reputation is good. Greed alone is film noir. In Public Choice, also known as 'economics of politics,' we usually assume that politicians are motivated not by greed, but by power-hunger. Of course, we rarely utter the word 'power-hunger.' Instead, we call it 'vote maximization,' just as we call greed 'profit maximization.' But when Public Choice pictures politicians, it pictures humans filled with lust for power." (03/02/17)


  • dL

    Hmmm, Caplan's pet theory "Rational Irrationality" paints a picture of politicians as hampered by stupid voters(who are stupid b/c they don't have the bear the brunt of their epistemic irrationality). Boy, that is not what he is saying here. Which is it, Bryan?