Democrats attack public property

Com­pet­i­tive mar­kets are a social good in which indi­vid­u­als are like­ly to under-invest. But atten­tion in a polit­i­cal cam­paign is a pri­vate good: high­ly rival­ous and exclud­able. Some of the best-fund­ed polti­cal adver­tis­ing in the Unit­ed States is right now being used to cre­ate pri­vate val­ue at the­ex­pense of the pub­lic inter­est (and not the pub­lic inter­est of the US alone). bq. …the Demo­c­ra­t­ic Par­ty has now picked up the pro­tec­tion­ist baton. Its lead­ing can­di­date for the pres­i­den­tial nom­i­na­tion, John Ker­ry, talks about how “Bene­dict Arnold CEO’s” betray Amer­i­ca by out­sourc­ing jobs. Ker­ry’s remain­ing com­peti­tor, John Edwards, talks about how the gap on trade between him and Ker­ry is wide and deep — with Ker­ry on the free-trade side.(Brad DeLong in the “Korea Herald”: Of course, the Repub­li­can adver­tis­ing cam­paign has not yet started …

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