The Captured Economy: How the Powerful Enrich Themselves, Slow Down Growth, and Increase Inequality
For years, America has been plagued by slow economic growth and increasing inequality. In The Captured Economy, Brink Lindsey and Steven M. Teles identify a common factor behind these twin ills: breakdowns in democratic governance that allow wealthy special interests to capture the policymaking process for their own benefit. They document the proliferation of regressive regulations that redistribute wealth and income up the economic scale while stifling entrepreneurship and innovation. They also detail the most important cases of regulatory barriers that have worked to shield the powerful from the rigors of competition, thereby inflating their incomes: subsidies for the financial sector's excessive risk taking, overprotection of copyrights and patents, favoritism toward incumbent businesses through occupational licensing schemes, and the NIMBY-led escalation of land use controls that drive up rents for everyone else. An original and counterintuitive interpretation of the forces driving inequality and stagnation, The Captured Economy will be necessary reading for anyone concerned about America's mounting economic problems and how to improve the social tensions they are sparking.
What people are saying - Write a review
We haven't found any reviews in the usual places.
Other editions - View all
agenda Alex Tabarrok American areas argue assets banks Brink Lindsey bubble Cass Sunstein Cato Institute cities competition concentrated Congress consumers copyright and patent costs created crony capitalism debt dentists dynamism economic growth economist Edward Glaeser effect entry barriers equity expanded eyebrow threading favor federal financial firms financial sector funding Glaeser GSEs higher highly house prices incentives income increase industry inequality infringement innovation institutions intellectual property interests investment Josh Lerner Kleiner labor land-use legislative levels leverage licensing boards lobbyists market failure Meanwhile ment mobility mortgage mortgage-backed securities occupational licensing organized overall patent laws patent trolls percent policymakers political problem productivity growth profits recent decades reduce reform regressive regulation regulatory regulatory capture relatively rent-creating rent-seeking rents requirements Research Working Paper restrictions Review rise risk securitization subsidies tion Tobin's Q University Press upward redistribution wages wealth workers zoning