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.
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.