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Fall 2006

ISSN 0890-913X

Volume 22, Number 1

Categories: Economics | Fall 2006

A Pitfall of New Growth Theory: Rhetoric, Rent Seeking and the Semi-Informed Voter

David T. Mitchell, University of Central Arkansas

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JournalofPrivateEnterprise,VolumeXXII,Number1,Fall2006APitfallofNewGrowthTheory:Rhetoric,RentSeekingandtheSemi-InformedVoterDavidT.Mitchell'SaintMary'sCollegeofCaliforniaNewGrowthTheory,orendogenousgrowththeory,provideseconomistswithamorecompletewaytosystematicallyinvestigateeconomicgrowth,asitfocusesontheendogenousnatureofgrowthduetopositiveexternalitiesinknowledge(Romer,1986;andSolow,1994).Althoughagreaterunderstandingoftheimportanceoftechnologyutilizationingrowththeoryislaudable,NewGrowththeoristscanprovideintellectualammunitiontothosewillingtomisusethetheoryasapublic-interestveneerovertheirrent-seekingactivities.Broadbandproviders,NASA,softwarecompanies,educators,andevenstem-cellresearchershaveaskedforandreceivedgovernmentbenefitsundertheauspicesofNewGrowthTheory.AlthoughNewGrowthTheorymaypresentatheoreticalreasonforgovernmentinterferenceinthetechnologysector,governmentagentsmaylacktheknowledgeortheincentivestodealwiththeseexternalities.Policy-orientedeconomistsmustbecautiouswhenrecommendinggovernmentintervention,regardlessofhowreasonableinterventionmayseem.NewGrowthTheory,likemanyotherreasonablesoundingarguments,canbeusedtoobscurerentseekingfromsemi-informedvoters.11wouldliketothankCarlClose,EricCrampton,andPeterBoettkefortheirhelpandsupport.Theusualcaveatapplies.DavidT.Mitchell147

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Title	A Pitfall of New Growth Theory: Rhetoric, Rent Seeking and the Semi-Informed Voter
Authors/Creators:	David T. Mitchell, University of Central Arkansas
Year:	2006
Volume:	22
Number:	1
Pages:	147 - 167
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	Economic development, Knowledge, Rhetoric, Voting, Externalities

Citation:
Mitchell, David T. / 2006. "A Pitfall of New Growth Theory: Rhetoric, Rent Seeking and the Semi-Informed Voter." The Journal of Private Enterprise, 22(1): 147-167.