Asymmetrical Information

Point and click

Henry Farrell posts a nice little quotation:

No one in his right mind would choose to study and write about tax expenditures (better known as tax loopholes) knowing in advance that it entailed a ten year commitment. Investigating the ins and outs of the byzantine U.S. tax code is simply not its own reward, which is why many people pay lawyers and accountants good money to do it for them. If someone were going to study tax expenditures for longer than a day or two, he or she would need to come upon the topic by accident. Over time, that someone might develop a curious affection for tax expenditures, much as one does for a stray dog or cat that keeps hanging around the house. Even then, one would have to remind oneself constantly that studying tax expenditures was not the ultimate goal, but a means of saying something interesting about a larger issue, like U.S. social policy. At least that has been my experience.

I feel just the same way about bankruptcy.