Footnote information for “Exhuming The Privileges or Immunities Clause to Bury Rational-Basis Review,” 60 Loy. L. Rev. 909 (2014)
*These are the transcribed notes of Caleb Trotter who was in attendance for a lecture by Prof. Todd Zywicki at the Institute for Justice, Law Student Conference in July, 2013 in Washington, D.C. Any errors are Mr. Trotter’s.
Rent Seeking = diversion of real resources to lobbying, etc. efforts away from productive use
Axioms of Public Choice Theory
- Methodological Individualism - Individual incentive to avoid small cost is low in relation to the benefit.
- People (as?) People - People primarily act in self-interest.
- Politicians are People, too - Have same limited info as everyone else and don’t magically change.
- Institutions Matter - Manages incentives
- Collective Action -
- Free Rider/Forced Rider -
- Rational Ignorance -
- Concentrated Benefits/Dispersed Costs - Politics has to do with incentives being acted upon by small groups who are most benefited or impacted.
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