James M. Buchanan Quote on Preventing Artificial Rents and Economy

„We try to prevent the creation of artificial rents. Rather than setting up quotas to stop imports we levy a tariff, that would be better. Or we pay wages in the public sector which are roughly equivalent to the productivity in the private sector and we don't therefore make it a special benefit to get a bureaucratic position.“

James M. BuchananJames M. Buchanan explains how to avoid artificial rents and promote economic efficiency in the public sector.
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James M. Buchanan was an American economist and Nobel laureate, known for his work on public choice theory.

Quote by James M. Buchanan on preventing artificial rents and economic efficiency in the public sector.


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James M. Buchanan quote image about preventing artificial rents and economic policy

James M. Buchanan (1919–2013) was an American economist best known for developing public choice theory, analyzing political behavior using economic principles. He was awarded the Nobel Prize in Economic Sciences in 1986.

James M. Buchanan quote about artificial scarcity and wasted resourcesCopyright © yoice.net – Quote Artwork
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"If you create an artificial scarcity through public policy, artificial rent so to speak - setting up a new import quota or giving out a particular office that is very beneficial - people are going to invest money, time and resources in trying to secure that opportunity. If the value is created independently of the search for it, the search for it is wasted." James M. Buchanan
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James M. Buchanan quote about fiscal capacity, immigration, and regional equalizationCopyright © yoice.net – Quote Artwork
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"We want to limit the exploitation of the fiscal capacity of the richer regions by keeping down the rate of immigration to a level that would be meaningful and efficient. One way to do that is to have a scheme of equalization which essential bribes people to stay in the poorer regions." James M. Buchanan
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James M. Buchanan quote about bureaucratic rents in fiscal equalization systemsCopyright © yoice.net – Quote Artwork
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"Once you have an equalization instrument in place, as you have in Canada, there arise tremendous bureaucratic values - bureaucratic rent so to speak - in maintaining the system that you have. To shift to a system that paid the transfers directly to individuals, by having differential rates of federal income tax levied to adjust to provincial fiscal capacities, which would be my preference, you would have huge bureaucratic opposition. People would try to protect the rents they have in the current system of institutions." James M. Buchanan
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Quote image featuring Murray Rothbard's perspective on the state and private economyCopyright © yoice.net – Quote Artwork
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"The public sector can only feed off the private sector; it necessarily lives parasitically upon the private economy. But this means that the productive resources of society - far from satisfying the wants of consumers - are now directed, by compulsion, away from these wants and needs. The consumers are deliberately thwarted, and the resources of the economy diverted from them to those activities desire by the parasitic bureaucracy and politicians." Murray Rothbard
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James M. Buchanan quote about rent control, housing policy, and economic consequencesCopyright © yoice.net – Quote Artwork
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"Rent control is one policy that economists universally would oppose. It is a grossly inefficient way of allocating housing space and, of course, it inhibits construction and creates the very thing it is supposed to alleviate. It is one of those things where people simply don't understand simple economics and, therefore, put in for political reasons what will damage the very people that it is designed to help. Minimum wage levels are another classic example." James M. Buchanan
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Murray Rothbard quote about government and the private sectorCopyright © yoice.net – Quote Artwork
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"Who wants good people in government? Good people should be in the private sector. Helping us out, helping themselves out in the private sector. We want schmoes in government. We want people who can't find the doorknob. Why waste productive people, as well as looting the taxpayer?" Murray Rothbard
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