Thursday, December 18, 2014


A politician, when motivated by benevolence, will tend to favor his family, his friends, members of his party, inhabitants of his region or country (and this whether or not he is democratically elected).  Such benevolence will not necessarily redound to the public good.  And when politicians are motivated by self-interest unalloyed by benevolence, it is easy to see that the results may be even less satisfactory.
 Ronald Coase‘s 1994 collection, Essays on Economics and Economists;    


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