Monday, August 29, 2016

Quote of the Day: On Democracy

What you have under a representative, egalitarian, winner take all, democracy is a shifting coalition of about 51% of voters aligned to threaten about 49%.
If you’re getting more than 51% of the vote (which is certainly possible) that just means you’re leaving rents on the table. You could take more, and/or give less, and still win the election.
Additionally, maximum rent extraction occurs if your coalition comprises the cheapest 51% of voters, in other words, the most useless and parasitic.
His conclusions are also pretty interesting.  I would add that this situation is very likely to be Game-Theory stable as well - meaning that the only (likely temporary) way out is an external shock, or internal revolt.

Implications for the Trumpening are left unexplored.

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