> The influence of money in politics is one of sharply-diminishing returns. It is invaluable for name recognition
This part is true.
> There is a tendency, when we disagree with an election, to tally up the donations made to the other side while ignoring all the times the best-funded candidate got trounced. (Jeb!)
While this is too specific to a particular type of election to hold true in general (no pun intended). The POTUS election is almost by definition the most high profile election in the US, therefore the money does the least to boost your name recognition, as evidenced by $2B in "free" media publicity for the 2016 winner.
This article goes into great length to explain why correlation does not mean causation, but it also makes the case that a lot of the races that are indeed somewhat low-profile, and that's where money makes the big impact.
> it also makes the case that a lot of the races that are indeed somewhat low-profile, and that's where money makes the big impact
I will amend my prior statements to be constrained to national politics. You can absolutely buy policy at the state and local level, because if you’re a candidate’s sole sugar daddy you have obvious influence over and goodwill owed from them.
The moment a candidate gains a profile, however, that channel becomes a two-way street. Donors will donate to maintain access and goodwill. Refusing to donate means being cut off; the elected has the leverage.
This part is true.
> There is a tendency, when we disagree with an election, to tally up the donations made to the other side while ignoring all the times the best-funded candidate got trounced. (Jeb!)
While this is too specific to a particular type of election to hold true in general (no pun intended). The POTUS election is almost by definition the most high profile election in the US, therefore the money does the least to boost your name recognition, as evidenced by $2B in "free" media publicity for the 2016 winner.
However, the WH is not the only race that matters. According to https://fivethirtyeight.com/features/money-and-elections-a-c... "For house seats, more than 90 percent of the candidates who spend the most win."
This article goes into great length to explain why correlation does not mean causation, but it also makes the case that a lot of the races that are indeed somewhat low-profile, and that's where money makes the big impact.