This paper shows that, contrary to G. S. Becker's work, there is no innate tendency for political competition to reduce the total cost of government wealth transfers. Simple examples demonstrate how the effects of government policies on total wealth boil down to the elasticities of the marginal...

California's legislative term limits have dramatically reduced campaign expenditures. Real expenditures during the three general elections after the term limits initiative passed in 1990 were lower than in even 1976. This drop has occurred at the same time that races have become closer contests...