Information for footnote 269 in “Exhuming The Privileges or Immunities Clause to Bury Rational-Basis Review,” 60 Loy. L. Rev. 909, 951 (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.
Zywicki:
Rent Seeking = diversion of real resources to lobbying, etc. efforts away from productive use
Axioms of Public Choice Theory
1. Methodological Individualism – Individual incentive to avoid small cost is low in relation to the benefit.
2. People (as?) People – People primarily act in self-interest.
3. Politicians are People, too – Have same limited info as everyone else and don’t magically change.
4. Institutions Matter – Manages incentives
5. Collective Action –
6. Free Rider/Forced Rider –
7. Rational Ignorance –
8. Concentrated Benefits/Dispersed Costs – Politics has to do with incentives being acted upon by small groups who are most benefited or impacted.
9. Baptists & Bootleggers – Strange bedfellows in politics.
10. Rent Seeking is Ubiquitous – If benefits exist, people will invest to get them. Can’t wish it away.
Don’t focus solution of getting more engagement from individuals. Must focus on the institutions of courts and constitutions.
Caleb R. Trotter 