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Ethics of Governor Rick Perry
Campaign contributions are effective rent-seeking behavior that has been shown to substantively benefit individuals and business at the same time that it dampens economic growth (Marotta, 2013). Rent-seeking is the term for obtaining special favors from government officials in lieu of productive economic activity (Marotta, 2013). One individual in the state of Texas has mastered the principles of rent-seeking to such a degree that it may be his primary political skill. Governor Rick Perry of Texas practices political favor absent any attempt at slight of hand. A 2011 editorial on The Opinion Pages of The New York Times provides an apt description of one mechanism that undermines productive economic activity stating that,
"There are nearly 600 boards, commissions, authorities, and departments in Texas, many of which are of little use to the public and should have long been shut down or consolidated. They are of great use to the governor…" ("Cash Machine," 2011).
Perry uses these bodies for political appointment for substantive donors to his political campaigns and to maintain a steady stream of money to pro-business funds that have been generous to his campaign ("Cash Machine," 2011).
Perry's idea of scratch my back, I'll scratch...
Perry demands unquestioned political loyalty for his favors, even going to far as to dictate who the appointees vote for in state elections ("Cash Machine," 2011). Two members of the Board of Regents of Texas Tech University were pressured to give up their positions when they refused to disavow their support of Perry's challenger in the gubernatorial race, Senator Kay Bailey Hutchison ("Cash Machine," 2011).
Two funds were set up by Governor Perry to encourage economic growth, and tens of millions were transferred to companies that contributed to Perry's campaign ("Cash Machine," 2011). By way of the Texas Enterprise Fund, more than a quarter of the companies that were given grants had been active contributors to Perry campaigns as far as 2001 ("Cash Machine," 2011). The Texas Emerging Technology Fund has given send money to high-tech start-ups -- over $200 million since 2005 -- as directed by Perry, rather than according to an independent grant management agency which is the standard industry practice ("Cash Machine," 2011).
According to economist Joseph Stiglitz, a Nobel Prize winner, rent-seeking redistributes money from one part of an economy to the rent-seekers, often to support inefficient or…
Reference
Gov. Perry's cash machine. (2011, August 24). The Opinion Pages. The New York Times.
Marotta, D.J. (2013, February 24). What is rent-seeking behavior? [Advisor Network]. Forbes Magazine. Retrieved from http://www.forbes.com/sites/davidmarotta/2013/02/24/what-is-rent-seeking-behavior / [Type text]
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