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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: mishedlo who wrote (26413)	3/27/2005 10:41:28 PM
From: shades	Read Replies (1) of 116555

No not to save 500 little guys. Mish you are too clever to believe the power holders do ANYTHING to help the little guy aren't you? From bhagwati - he is a senior fellow with CFR, trade expert - he is on their front page today www.cfr.org columbia.edu Many economists also believe that even if protection were appropriate in theory, it would, in practice, be "captured" by groups who would misuse it to pursue their own narrow interests instead of the national interest. One clear cost of protection is that the country imposing it forces its consumers to forgo cheap imports. But another important cost of protection may well be the lobbying costs incurred by those seeking protection. These lobbying activities, now extensively studied by economists, are variously described as rent-seeking or directly unproductive profit-seeking activities. They are unproductive because they produce profit or income for those who lobby, without creating valuable output for the rest of society. HAHA! where have we heard this before? Bush and friends doing things to help themselves while telling the little guys its in their best interests?

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