Some economists view lobbying outlays in political markets as a manifestation of free speech – and that is just fine if one is prepared to stretch the meaning of a word or two. Surely the sweet sound of large dollar bills moving from the coffers of well-endowed interest groups into the coffers of well-endowed political parties and well-endowed individual policians is a manifestation of Amazing Grace:
Amazing grace! how sweet the sound,
that saved a wretch like me!
I once was lost but now am found,
was blind but now I see.
Through many dangers, tolls, and snares,
I have already come;
’tis grace hath brought me safe thus far,
and grace will lead me home.
(John Newton, 1779)
Well grace, surely lubricates the wheels of politics, ensuring that those who give also shall receive the fruitful bounty of political harvests. Grace, of course, has nothing in common with the free lunch…
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