A Day At Government Motors
Written by Johan on November 5, 2009 – 12:02 amGreg Mankiw has the story. It is a rather frightening tale of rent seeking and power abuse. It is also what one must expect when market forces are replaced with the whims of politicians looking for funding and votes.
It is not necessarily just about who is in power. It is also about what they can do with that power. I recommend reading it.
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