Economists at the University of Warwick have calculated the true value of US political lobbyists, proving the old adage 'it is not what you know, but who you know'.
In a paper published this month in the American Economic Review Mirko Draca, from the University of Warwick's Department of Economics, looked at the role of lobbyists in the US. He found their revenue falls by 24% when their former employer leaves government office.