Sympathy for the Trustafarians

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Paul Krugman ridicules Greg Mankiw for arguments defending plutocracy by ignoring opportunity costs and undermining of democracy.


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What’s curious is that conservative economists are well aware of the danger of “regulatory capture”, in which public institutions are hijacked by vested interests, yet blithely dismiss (or refuse even to mention) the essentially equivalent problem of democratic institutions hijacked by concentrated wealth. I take regulatory capture quite seriously; but I take plutocratic capture equally seriously.
Paul Krugman, "Sympathy for the TrustafariansSympathy for the Trustafarians"