By Glenn R. Parker
What could you do if, the very day you have been employed, you knew you may be unemployed in as low as years? you'll search possibilities on your present activity to advance a portfolio of talents and contacts for you to make your self extra beautiful to destiny employers. Representatives and senators take into consideration their jobs in Congress during this means, in accordance with Glenn R. Parker.While in place of work, contributors of Congress plan no longer in simple terms for the following election yet for the subsequent level in their careers. by means of networking, serving on committees, and championing specific laws, they intentionally gather human capital---expertise, networks, and reputation---which later will provide them bargaining strength within the activity industry. Parker's examine of the postelective careers of greater than 2 hundred former participants of Congress, either U.S. representatives and senators, who've left workplace over the last part century exhibits that such strategic making plans regularly succeeds. typically, the human capital those politicians accumulated whereas in place of work elevated their occupational mobility and incomes power.Capitol Investments deals a cosmopolitan but available research of the purchase and marketability of political talents. It means that an know-how of the alternate in human capital shapes an officeholder's activities up to the need to win one other election.Glenn R. Parker is exceptional Professor within the division of Political technological know-how at Purdue collage.
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Extra resources for Capitol Investments: The Marketability of Political Skills (Economics, Cognition, and Society)
Subsidized, Specialized Training Training in politics is neither free nor cheap, if we are to judge by the costs of, for example, congressional or senatorial elections. Rational legislators therefore contrive to obtain subsidies for the costs of their education in politics. This is where special interests enter: they oblige legislators with political action committee (PAC) money, which helps them stave off electoral defeat and encourages them to acquire human capital specialized to the policy concerns of special interests.
In the process of doing favors for special interests, therefore, legislators enhance their human capital by acquiring, practicing, and perfecting skills associated with facilitating group objectives—highly marketable and visible talents in a rent-seeking society. While often characterized in un›attering ways, the favor-exchange process provides important educational experiences for legislators. Returns on Investments Our ‹nal assumption draws on a fundamental tenet in economic analysis: the amount invested is a function of the expected rate of return.
While some legislators tire of public service, perhaps as a consequence of the grind of elective of‹ce, and seek different vocations, others exit, not voluntarily, but because of voters’ decisions. Despite the well-documented longevity of congressional careers, a noticeable upsurge has occurred in the number of House members retiring (Hall and Van Houweling 1995, 132; Ornstein, Mann, and Malbin 1996, 60). ” Arguably, then, congressional careers are not so inviolable as to render postelective planning obsolete.