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Or, Another Real-World Instance of Public-Choice in Action

Posted By Don Boudreaux On February 5, 2011 @ 2:46 pm In Agriculture,Not from the Onion,Other People's Money,Subsidies,Trade | Comments Disabled

Here’s a short, entertaining video on how Uncle Sam uses Americans’ tax dollars to pay hush money to parties who – for their own selfish reasons – actively seek to prevent Uncle Sam from wasting American taxpayer dollars and to stop Uncle Sam from harmfully intervening into the market for cotton [1].  (HT Frayda Levy)

(Extra-credit question: Is it appropriate to interpret the events summarized in this video as a real-world instance of the Coase Theorem [2] in action?)

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[1] Here’s a short, entertaining video on how Uncle Sam uses Americans’ tax dollars to pay hush money to parties who – for their own selfish reasons – actively seek to prevent Uncle Sam from wasting American taxpayer dollars and to stop Uncle Sam from harmfully intervening into the market for cotton: http://www.youtube.com/watch?v=chaf5NHEuYM&feature=channel

[2] the Coase Theorem: http://www.daviddfriedman.com/Academic/Coase_World.html

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