Money and Politics

Cowen links to an Ansolabehere et al piece that argues that there is not very much money in politics. I suppose the relevant question is compared to what?

Also, according to the abstract:

…we demonstrate that campaign giving is a normal good, dependent upon income…

They view this as related to consumption and say that they find little to no effect on legislative votes based on contributions. If the rich give more than the poor, than one may find a difference in the redistributive policies proposed. The increase in inequality should have lead to an increase in campaign contributions. The relevant question, then, is whether this is what led to lower redistribution or whether that’s a coincidence.

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