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From advertising descriptions of this small book (eighty-three pages of text) by David Laband and George McClintock, one is led to believe that The Transfer Society estimates what economists have come to refer to as rent-seeking costs. The authors themselves do not use this term until late in the book (chap. 5), and it is not clear whether they regard all the costs they have identified and estimated as rent-seeking costs or as something else. Whatever the costs are called, the magnitude is startling—approximately $549 billion in 1997. The “transfer society” is apparently far more costly than most of us had suspected.

Or is it? The authors’ estimated costs fall into some twenty different categories, and the five largest categories, accounting for nearly three-fourths of the total, include: national defense, $154 billion; police, $33 billion; commercial corporate, government, and institutional security, $72 billion; tort litigation, $92 billion; and federal and state tax loopholes, $51 billion.

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David N. Laband

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George C. McClintock

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