Money for Nothing: Politicians, Rent Extraction, and Political Extortion
McChesney has kept his study concise and easygoing despite including technical economic analysis. He has a fine sense of humor, reflected in the witty epigrams at the start of each chapter and the occasional cartoon that he has included...As one of the first economists to study in depth how private parties make payments to avoid regulation, McChesney has broken new ground and written a provocative book. (Gregory E. MaggsThe Green Bag)Sherlock Holmes is not the only sleuth who detected the significance of the dog that did not bark. In his important book on rent extraction, Fred McChesney outlines with theoretical rigor, and demonstrates with concrete evidence and pointed anecdotes, the politician's pastime of threatening harmful legislation to extract political contributions from well-heeled private institutions. Everyone now knows the dangers of excessive government regulation. Now McChesney demonstrates that even when the political waters seem still, powerful forces are at work beneath the surface. Only those who are satisfied with the present political process can afford to ignore McChesney's sobering contribution on the dangers of big government. (Richard A. Epstein, University of Chicago)