13 Feb 2016
by Jim Rose
in economics of bureaucracy, economics of regulation, energy economics, entrepreneurship, industrial organisation, poverty and inequality, privatisation, rentseeking, resource economics
The 1826 Billionaires in the Forbes 2015 list are classified as rich through political connections if they made their money through past political positions, close relatives or friends in government, or questionable licenses, privatisations or resource extraction industries.
Source: Caroline Freund and Sarah Oliver, The Origins of the Superrich: The Billionaire Characteristics Database (2016).
All privatizations were included in the politically-connected/resource-related category despite my data source acknowledging the possibility that the new owners may have transformed the company. Resource billionaires were all deemed to be lucky or cronies by my data source rather than diligent as some most certainly were. This is something of a slur by my data source given the industriousness of some resource billionaires some of whom were even geologists.
Political cronyism is a path to billionaire wealth mainly in the developing countries. Less than 10% of Chinese billionaires made their money through political connections, which is surprising.
09 Feb 2016
by Jim Rose
in applied price theory, economic history, economics of bureaucracy, economics of religion, industrial organisation, law and economics, Public Choice, rentseeking, survivor principle
Tags: competition law, electricity industry, natural monopolies, network industries
08 Feb 2016
by Jim Rose
in defence economics, economics of bureaucracy, economics of education, economics of information, economics of media and culture, economics of regulation, energy economics, entrepreneurship, environmental economics, income redistribution, politics - USA, Public Choice, rentseeking
Tags: 2016 presidential election Republican Party, Democratic Party, votor demographics
06 Feb 2016
by Jim Rose
in economics of media and culture, fiscal policy, income redistribution, labour economics, labour supply, law and economics, poverty and inequality, property rights, public economics, rentseeking
Tags: basic income, car racing, Finland, guaranteed minimum income, negative income tax
02 Feb 2016
by Jim Rose
in economic history, politics - Australia, politics - New Zealand, politics - USA, Public Choice, rentseeking
Tags: agricultural subsidies, Australia, Canada, cultural economics, Japan
Source: Agricultural policy – Agricultural support – OECD Data.
Agricultural support is defined as the annual monetary value of gross transfers to agriculture from consumers and taxpayers arising from government policies that support agriculture, regardless of their objectives and economic impacts.
02 Feb 2016
by Jim Rose
in constitutional political economy, development economics, economics of regulation, growth miracles, international economics, politics - New Zealand, Public Choice, rentseeking
The key reason why China joined the World Trade Organisation and other trade agreements is to bring some semblance of law to an authoritarian country. 
Source: AEAweb: AEJ: Macro (6,2) p. 29 – Free Trade Agreements and the Consolidation of Democracy via Max Roser.
Both the elites and ordinary people are prospering tremendously from the rise of capitalism in China, Vietnam and other places. A move away from this liberalisation to a more authoritarian setting would cost too many people too much money.
In the course of these economic liberalisations, China and Vietnam, for example, changed from totalitarian dictatorships to tin-pot dictatorships. As long as you keep out of politics in these countries, there is a fair degree of freedom and much more freedom compared to the days of communism.
31 Dec 2015
by Jim Rose
in applied price theory, comparative institutional analysis, constitutional political economy, economics of education, economics of information, economics of media and culture, income redistribution, international economics, Marxist economics, politics - New Zealand, Public Choice, rentseeking
Tags: 2016 presidential election
Previous Older Entries Next Newer Entries
Utopia, you are standing in it! 
Recent Comments