Title: Rent Seeking Definition
Headings: Rent Seeking
Rent Seeking
What Is Rent Seeking?
Key Takeaways
Understanding Rent Seeking
Rent Seeking Factors and Examples
Business Rent Seekers
Individual Rent Seekers
Licensing Requirements
Issues Arising from Rent Seeking

Content: These legislations and actions manifest rent seeking behaviors by offering economic rent with little or no reciprocity. Governments have established funding for a variety of social service programs. Business social service programs are typically designed to provide aid for businesses with the goal of fostering economic prosperity. Individual social service funding is provided for the goals of wellness and human welfare. Business Rent Seekers
Businesses can lobby the government for help in the areas of competition, special subsidies, grants, and tariff protection. If a business succeeds in getting laws passed to limit their competition or create barriers to entry for others, it can achieve economic rents without any added productivity or capital at risk. Individual Rent Seekers
Individual rent seekers are also able to achieve economic rents when obtaining social service funding. Funds are offered through welfare programs, housing assistance, and Medicaid. Individual rent seekers can use their eligibility status for these programs to obtain funds from the government without any reciprocal contribution. Licensing Requirements
Lobbying for the lessening of occupational licensing requirements is another very specific example of rent seeking.