The ‘Occupy’ movement will never succeed against its “one percent” adversaries until it begins to understand that there is not a single one percent, but rather many.
An entire field of economics, known as “public choice,” studies how small, concentrated groups with similar interests generally prevail politically against larger groups of diffused interests. And, in our society, these concentrated interests – like unions, defense contractors, religious groups, farmers , etc. – are not necessarily part of the “one percent” Occupy talks about, and several have even joined or co-opted the Movement. But they are part of the broader one-percent problem.
Correcting misconceptions about markets, economics, asset prices, derivatives, equities, debt and finance
Sunday, December 18, 2011
Public Choice Theory Recognizes Many One Percenter Groups With Concentrated Political Power And Similar Interests
Posted By Milton Recht
From Forbes, "Occupy Wall Street And The Myth Of The 99%" by Todd Henderson, professor at the University of Chicago Law School:
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