In a piece dated October 15, 2014 and released by the Indiana University Center

Question

In a piece dated October 15, 2014 and released by the Indiana University Center on Congress, author and retired member of the US House of Representatives Lee H. Hamilton made the following comment about corruption in politics: “Maybe it’s time we looked to [the nation’s Founders] for guidance, and not think of corruption only in the narrow sense of violations of specific laws or precepts, but more broadly in terms of failing to pursue the common good.” Is there an economic cost to public corruption? Explain your answer and give one example that illustrates your point.

Explanation / Answer

Corruption is an ill socail variable or element of a society that always cost to the society. Although some ard=gued that sometimes it pays but is is certainly wrong as they are usually looking only at short-run static effects. In the long run, the results are likely to be costly in terms of economic efficiency, political legitimacy and basic fairness.

Some of the ceonomic cost of corruption to the society are as follows:

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