Yeah, those guys at Freakonomics figured this out a long time ago, just like communications experts figured out that newspaper endorsements do not predict election outcomes.)
In other words: it’s not that raising a lot of money helps a candidate become more appealing and therefore do better; it’s that better candidates raise a lot of money because they are so appealing. Just remember: about a year ago, Mitt Romney was loaded and John McCain was just about broke. If money is so central to elections, why couldn’t Romney put McCain away? And how on earth did McCain end up winning the G.O.P. nomination?On the other hand, a lot of commenters have good counter arguments, so I say it's a wash. The Freaks don't know everything.
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