July 03, 2009
The Rent Seeking Society

Articles in today's WSJ (here and here, respectively) mention a couple of interesting trade associations: the National Association of Blind Merchants and the American Pyrotechnics Association.

I'll leave comments open for a day or two--feel free to add other interesting examples of rent seeking trade associations.

Posted by E. Frank Stephenson at 07:23 PM

The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith

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