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Article: Money for Nothing: Politicians, Rent Extraction, and Political Extortion.
- Article from:
- Independent Review
- Article date:
- June 22, 1998
- Author:
CopyrightCOPYRIGHT 1998 Independent Institute. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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* Money for Nothing: Politicians, Rent Extraction, and Political Extortion
By Fred S. McChesney
Cambridge, Mass.: Harvard University Press, 1997. Pp. xi, 224. $49.00 (ISBN 0674583302)
In Money for Nothing, Fred McChesney ably describes a model of rent extraction, discusses related empirical work, and indicates interesting extensions of the model. Although he acknowledges the contributions of rent-creation models in public-choice economics, he points to the inability of those models to explain certain phenomena. Throughout, he makes clear that the rent-extraction model is meant to supplement, not replace, rent-creation models. McChesney's primary ...