Rent-seeking
From The Art and Popular Culture Encyclopedia
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"The attempt to profit by manipulating the economic or political environment, for example, by seeking governmental action that restricts entry into a market." |
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In economics and in public-choice theory, rent-seeking involves seeking to increase one's share of existing wealth without creating new wealth. Rent-seeking results in reduced economic efficiency through poor allocation of resources, reduced actual wealth-creation, lost government revenue, increased income inequality, and (potentially) national decline.
Attempts at capture of regulatory agencies to gain a coercive monopoly can result in advantages for the rent seeker in a market while imposing disadvantages on (incorrupt) competitors. This constitutes one of many possible forms of rent-seeking behavior.
See also
- Cartel
- Client politics
- Competition law
- Crony capitalism
- Cybersquatting
- Elasticity of supply
- Geolibertarianism
- Intellectual property
- Landed gentry
- Land monopoly
- Land value tax
- Law of rent (Ricardo)
- Legal plunder
- The Logic of Collective Action
- Manorialism
- Occupational licensing
- Patent troll
- Rentier state
- Royalty payment
- Software patent
- Tragedy of the anticommons
- Unearned income
- Value capture
