ABSTRACT
The political process is exactly what constitutes waste in this perspective. This theory takes the neo-classical method to its ultimate conclusion: preferences of individuals are exogenous and fixed and equilibrium is reached instantaneously. Hence, there is neither need nor place for any kind of a process: preferences will not be altered and the outcome is known directly from preferences and constraints. At least in the "theory of regulation," the "Chicago" version of neoliberalism, political process is ultimately found inferior to the market because of its imperfections. In the "theory of rent seeking society," the "Virginia" version, there is no place for politics: politics is just a waste.
