In <i>Bootleggers & Baptists: How Economic Forces and Moral Persuasion Interact to Shape Regulatory Politics</i>, economists Bruce Yandle and Adam Smith explain how money and morality are often combined in politics to produce arbitrary regulations benefiting cronies, while constraining productive economic activities by the general public. Yandle’s theory asserts that regulatory “bootleggers” are parties taking political action in pursuit of economic gain. Regulatory “Baptists”...
