2 A minor personal story already from the summer of 1974 bears on the point. As a bright young economist, I had the idea that the Export-Import Bank should not be financing the sale of the then new Boeing 747, on the ground that it was a superior monopoly product which foreign airlines would have to buy under any circumstances. So I drafted language for the markup barring Ex-Im financing for any product in which the U.S. firm held a “substantial monopoly position.” Reuss introduced the language and got it adopted. Boeing went to work, calling all the members in whose districts its subcontractors had operations, which was, of course, all of them. The next day Reuss was obliged to climb down, explaining that the staff work had been defective. At twenty-two, I thought that my Hill career was over; as I walked to the markup past the security guard at the horseshoe entrance to the Rayburn building, he glanced at my face and said, “It can’t be that bad.”
3 The committee today has more than sixty members, seated in four rows in the committee chambers. At the time the number was in the low thirties, and there were only two rows of seats for members.
4 My book The Predator State: How Conservatives Abandoned the Free Market and Why Liberals Should Too (Free Press, 2008), deals with this phenomenon in detail.
5 Curiously, one of Stoller’s truest forebears, E. F. Schumacher of Small Is Beautiful fame, goes unmentioned in this book.
6 The quotation is from Adam Smith, The Wealth of Nations.