Uploaded June 2026 | Updated September 2026, 2 weeks ago
Milton Friedman identified a structural problem at the heart of democratic policy-making: concentrated interests consistently overpower diffused ones. When a small group stands to gain significantly from a policy, they organize, lobby, and show up. When the cost is spread across millions of consumers — each bearing only a fraction — no one mobilizes. The result is policy that serves the few at the expense of the many, not because of corruption, but because of incentives.
Milton Friedman identified a structural problem at the heart of democratic policy-making: concentrated interests consistently overpower diffused ones. When a small group stands to gain significantly from a policy, they organize, lobby, and show up. When the cost is spread across millions of consumers — each bearing only a fraction — no one mobilizes. The result is policy that serves the few at the expense of the many, not because of corruption, but because of incentives.
