… is from page 228 of Dwight Lee’s characteristically insightful paper “Corporate Social Responsibility and Corporate Welfare,” in which he contrasts corporate philanthropy with corporate rent-seeking; Dwight’s paper is chapter 11 in the hot-off-the-press festschrift, The Legacy of Bruce Yandle (2020), edited by Roger Meiners and me:
No one can see how much wealth would not have been destroyed if corporation A had not taken corporate welfare. Similarly, no one can see how much additional wealth is being produced because corporate B did not take corporate welfare.
DBx: Bruce Yandle – the man for whom this festschrift is published – is second-to-none in using economics to help us to see that which would otherwise remain invisible.
I thank again my Mercatus Center colleague Stefanie Haeffele for her hard and creative work to make both the conference and the book a reality. I thank also Dan Rothschild, Executive Director of the Mercatus Center, for his strong support from the start for this project.