When I write about the importance of understanding the difference between a disease and its symptoms, I’m almost always seeking to help people understand why it’s important to focus on the problem of government spending rather than the side-effect of government borrowing.
But the same analogy is useful when looking at issues such as lobbying and campaign contributions.
It’s very understandable for people to get nauseated when we see things such as lobbying for corporate welfare or campaign contributions being given in exchange for things such as ethanol subsidies.
So would it make sense to outlaw lobbying or to restrict campaign contributions? Setting aside constitutional issues (the First Amendment protects our rights to petition the government and to engage in political speech), the answer is no.
Why? Because lobbying and campaign contributions are a function of government being too big and being involved in too many areas.
If we shrink the size and scope of the state, we reduce incentives to manipulate the system. But if we leave big government in place, laws to restrict lobbying and campaign contributions will simply lead to different forms of “rent seeking.”
New Time 11:20 AM PT: Get the Market Movements in Advance: William's Edge Webinar for Wednesday April 23rd, 2014 | John Ransom
New Time 11:20 AM PT: Get the Market Movements in Advance: William's Edge Webinar for Tuesday April 22nd, 2014 | John Ransom