PDF Download The Captured Economy: How the Powerful Enrich Themselves, Slow Down Growth, and Increase Inequality, by Brink Lindsey
PDF Download The Captured Economy: How the Powerful Enrich Themselves, Slow Down Growth, and Increase Inequality, by Brink Lindsey
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The Captured Economy: How the Powerful Enrich Themselves, Slow Down Growth, and Increase Inequality, by Brink Lindsey
PDF Download The Captured Economy: How the Powerful Enrich Themselves, Slow Down Growth, and Increase Inequality, by Brink Lindsey
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Review
"A compelling and original argument about one of the most pressing issues of our time, The Captured Economy challenges readers to break out of traditional ideological and partisan silos and confront the hidden forces that are strangling opportunity in the contemporary United States." -- Matthew Yglesias, Vox"Are you looking for how to get out of our current mess? The Captured Economy is perhaps the very best place to start." -- Tyler Cowen, Professor of Economics, George Mason University"American politics is mired in endless arguments about how much downward redistribution we want and how to provide it. But as Brink Lindsey and Steven Teles point out in this engaging, powerfully argued book, the reality of our political economy often looks much more like upward redistribution. In one arena after another, public policy enriches the already rich and advantages the already advantaged." -- Yuval Levin, editor of National Affairs"Steven Teles and Brink Lindsey ask one of the most important questions of our times: What are the political reforms we need to reduce the ability of the wealthy to maintain their capture of our government? Combining the analytic forces of liberalism and libertarianism, they provide a much-needed investigation into why the U.S. government works on behalf of the powerful and the steps we can take to address rising inequality and regressive regulation so that it instead acts in the public interest." -- Heather Boushey, co-editor of After Piketty: The Agenda for Economics and Inequality"A clear and brilliant explanation of what has happened to America over the last few decades. Anyone who wants to understand what has happened to our economy, or our politics, needs to read this book." -Megan McArdle, Bloomberg View"Regardless of where your sympathies lie - redistribution is both good and bad - what connects all these activities and many others is that they don't result in the production of goods and services. Instead, they involve the shifting of money and wealth from one party or group to another. They recall the spirit of 19th-century politicians' defense of patronage jobs: 'To the victors belong the spoils.' This sort of economy may be larger than you think. That's the gist of the provocative new book 'The Captured Economy' by Brink Lindsey and Steven M. Teles . . . They argue that the economy is riddled with self-serving arrangements, mainly benefiting the rich, that impose excess costs on the poor and middle class and reducreduce economic growth." -Robert Samuelson, The Washington Post
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About the Author
Brink Lindsey is Vice Policy President and Director of the Open Society Project at the Niskanen Center. He is the author of, most recently, The Age of Abundance and Human Capitalism. Steven M. Teles is Professor of Political Science at Johns Hopkins University and Senior Fellow at the Nikansen Center. He is the author of, most recently, The Rise of the Conservative Legal Movement and Prison Break: Why Conservatives Turned Against Mass Incarceration.
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Product details
Paperback: 232 pages
Publisher: Oxford University Press; Reprint edition (September 1, 2019)
Language: English
ISBN-10: 0190059001
ISBN-13: 978-0190059002
Shipping Weight: 1.1 pounds (View shipping rates and policies)
Average Customer Review:
3.9 out of 5 stars
19 customer reviews
Amazon Best Sellers Rank:
#271,117 in Books (See Top 100 in Books)
The Captured Economy: How the Powerful Enrich Themselves, Slow Down Growth, and Increase Inequality, the joint product of Teles (a liberal) and Lindsey (a libertarian), advocates reducing upward distributive rent-seeking. Rent-seeking is the zero-sum contest for excess payments to any factor of production (land, labor, or capital). Reducing this rent-seeking both increases economic growth and makes the distribution of income more equitable, core tenets of their "liberaltarian" philosophy, by lessening the economic distortion of wealthy special interests seeking special favors for themselves instead of engaging in productive activities that spur growth. The book covers four case studies that capture the severity of upward redistribution in the United States: "(1) subsidies for financial institutions that lead to too much risk-taking in both borrowing and lending; (2) excessive monopoly privileges granted under copyright and patent law; (3) the protection of incumbent service providers under occupational licensing; and (4) artificial housing scarcity created by land-use regulation." Then, the book explains how to "rent-proof" American politics through (1) public mobilization to bring issues to the attention of policymakers such as through civil society organizations advocating for environmental issues or school reform that challenge the special interests of polluters and teachers' unions, (2) empowering government officials with policy knowledge independent of lobbyists such as through Congressional staffs being chosen through a merit-based civil service system, and (3) selecting institutional venues that do not give preferential access to special interests such as the creation of state-level regulatory review agencies modeled on the Office of Information and Regulatory Affairs. The book covers all of this ground in only about 200 pages of lucid writing accessible to all and edifying even for specialists. I would also recommend Tyler Cowen's interview with the authors on his podcast "Conversations with Tyler." The book is essential reading to understand how the government at the federal, state, and local levels currently exacerbate inequality and how to get out of this mess.
In recent years income inequality has soared to levels not seen since the stock market crashed in 1929. In January this year, Oxfam reported that eight individuals owned as much as half the world’s population. A number of books address the problem of extreme inequality, but this one is a bit different. This one focuses on sources of inequality arising from places where others haven’t thought to look. As it examines rent-seeking it finds examples in four areas: finance, intellectual property, occupational licensing and land use. Heretofore I considered three of those areas economically neutral, if not benign. Now I know why they are not. And that’s something the general public should know as well. Highly recommended reading.
NOT the typical partisan rant--a well-documented & clearly-argued critique of the adverse effects of anti-competitive regulation on US economy. Draws on arguments by well-known economists, includes detailed references to peer-reviewed research, & implicates the politicization of the regulatory process by BOTH parties.
This is one of the most thought-provoking books I have read in many years, It has many ideas that represent a way forward to solve some of this country's biggest problems. In this book a liberal and a conservative actually have a substantive conversation about common ground that both sides can embrace to make progress in helping the bottom half of our population economically. That is why this book is well worth reading. It is not for those at the extremes on both political poles because they generally don't listen anyway. It is targeted at independent thinkers who understand that compromise is needed for this country to make progress in addressing its problems. It is the best challenge to crony capitalism that I have read in many years. If you can handle common sense ideas and throw out the partisan politics, then by all means find the time to read this well-written, thought stimulating book. You will see that it is possible to have an intelligent discussion on some of our most pressing issues.
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