TO THE EDITOR:
While statements such as “take money out of politics” are cute, there is a subject that exists to study these sorts of questions. Unfortunately, it is easier to complain about the economy and offer your pertinent opinion rather than educating yourself on the matter before assessing the economic situation.
“Rent seeking” is an attempt to derive economic wealth by manipulating the social and political environment rather than creating economic wealth. Companies rent seek because it is profitable at a point to invest in bribes, lobbying, or campaign funding for certain politicians over increasing production and efficiency of their goods and services. It is more profitable for companies to invest in the political system because our current political climate is incredibly receptive to corporate influence.
We can blame the companies for doing what they were designed to do (make money), or we can blame the political system for giving corporations inappropriate and detrimental paths to profitability. Economists dislike rent seeking because it wastes resources, inappropriately redistributing current wealth rather than creating new wealth.
We can talk all day about how evil profits are, but the reality is that you vote with your dollars. If it is not of importance to you that a company pollutes, then know that a fraction of your money is funding pollution.
Taking money out of politics is a good goal, but it should be refined to removing all or most of the current avenues for rent seeking in politics. Only then will politics truly regulate business.
Price Clark
Sophomore
Psychology, Economics
