The Economics of Politics

Sep 25, 2023 | Finconomics 101, No Bull Economics

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As the U.S. gears up for the 2024 elections, it is important to consider changes to our elections and governance that can unite the citizens of this great country.

Commentary

  • Perhaps the greatest challenge we face is how to create guardrails that will separate profit from governance. In other words, no government official (or any corporation/individual with a position of trust under them) should be able to profit from the governance of this country.
  • That is simply unconstitutional according to Article 1, Section 9: “No Title of Nobility shall be granted by the United States: And no Person holding any Office of Profit or Trust under them, shall, without the Consent of the Congress, accept of any present, Emolument, Office, or Title, of any kind whatever, from any King, Prince, or foreign State.”
  • So how do we keep profits & the pursuit of profits out of the public arena?
  • We suggest that the answer lies in the introduction of competition. Just like wisdom from the constitution saw fit to introduce competition between the executive, legislative & judiciary branches, we need to introduce competition among government employees. More competition is likely to better expose graft and incompetence.
  • Refer to our proposed reforms in the table below:

Getting the Economics of Politics Right
Eliminate the 2-party systemIntroduce competition into the election process and let anyone with a pre-determined number of supporters run (say 100,000 supporters needed for federal offices). Ban all political parties.
Fix campaign financeProhibit election contributions from corporations & PACs and especially from foreign countries.
Term limits & mandatory retirementNo government official can serve more than 4 years & no civil servant can serve more than 7 years. Mandatory 70-year-old retirement age.

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