The political passion for "social justice" is creating a larger free-rider problem and a problem of injustice.
Original Article: "Social Justice and the Free-Rider Problem"
Read More »2023-08-04
The political passion for "social justice" is creating a larger free-rider problem and a problem of injustice.
Original Article: "Social Justice and the Free-Rider Problem"
Read More »2023-07-20
Rational choice theory claims that people in the political realm act in their own self-interest. However, in today’s political climate, many people act against their own interests to avoid being attacked by others.
Original Article: "Why Do We Act against Our Self-Interest?"
Read More »2023-07-14
Free rider is a term related to the political commons and rent seeking. It is like rent seeking, except it is perhaps more nuanced and eventually discourages the effective use of public goods found in the political commons.
When I was a young adult, my wife, Cyndi, and I went out with a group of people. My father warned me that if the group split the bill evenly, we could wind up paying for other people’s dinner. We were pressed for cash, so we ordered frugally. Sure enough, the group decided to just split the total cost evenly, and Cyndi and I wound up paying far more than we ordered. It was an expensive lesson.
After more education and research, I found that this situation has a name: free riding.
Regarding the free rider problem and public goods, the Khan Academy wrote:
The best way to
2023-06-26
The term “rent seeking” is a derogatory term that implies companies and people seek to take more than they earn. It hearkens to some Marxist ideology as well. However, especially when combined with regulatory capture and bureaucratic corruption, rent seeking is a valid concept. What happens when the shoe is on the other foot and people and organizations engage in rent seeking from a social justice perspective? Is it rent seeking or corruption for actions to secure social justice? Does the end justify the means?
Investopedia defines rent seeking as follows: “Rent seeking (or rent-seeking) is an economic concept that occurs when an entity seeks to gain added wealth without any reciprocal contribution of productivity. Typically, it revolves around government-funded social services and social