Congress and the rent-seeking society
By: Glenn R. Parker.
Publisher: University of Michigan Press
Published: 1996
Place of publication: Ann Arbor
Language: eng
Number of pages: 172
Subjects: United States. Congress.; Legislators -- United States.; Pressure groups -- United States.; Campaign funds -- United States.; Political corruption -- United States.; Rent (Economic theory); Transfer payments -- United States.; Social choice -- United States.
Description: Skillfully blending historical data with microeconomic theory, Glenn Parker argues that the incentives for congressional service have declined over the years, and that with the decline has come a change in the kind of person who seeks to enter Congress.

The decline in the attractiveness of Congress is a consequence of the growth in the rent-seeking society, a term that describes the efforts of special interests to obtain preferential treatment by using the machinery of governmentlegislation and regulations.

Parker provides a fresh and controversial perspective to the debate surrounding the relative merits of career or amateur politicians. He argues that driving career politicians from office can have pernicious effects on the political system, placing the running of Congress in the hands of amateur politicians, who stand to lose little if they are found engaging in illegal or quasi-legal practices.

On the other hand, career legislators risk all they have invested in their long careers in public service if they engage in unsavory practices. As Parker develops this controversial argument, he provides a fresh perspective on the debate surrounding the value of career versus amateur politicians.

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Little attention has been given to the long-term impact of a rent-seeking society on the evolution of political institutions.

Parker examines empirically and finds support for hypotheses that reflect potential symptoms of adverse selection in the composition of Congress: (1) rent-seeking politicians are more inclined than others to manipulate institutional arrangements for financial gain; (2) in the rent-seeking milieu, legislators are more likely to engage in rent-seeking activity than earlier generations; (3) and the growth of rent-seeking activity has hastened the departure of career legislators.
Notes: Includes bibliographical references  (p. 159-167) and index.