Title: Rent-seeking - Wikipedia
Headings: Rent-seeking
Rent-seeking
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Contents
Description
Tullock paradox
Possible explanations
Examples
Development of theory
Criticism
Possible consequences
See also
References
Further reading
External links

Content: Rent-seeking - Wikipedia
Rent-seeking
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Attempt to obtain economic rent
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In public-choice theory, as well as in economics, rent-seeking means seeking to increase one's share of existing wealth without creating new wealth. Rent-seeking results in reduced economic efficiency through misallocation of resources, reduced wealth-creation, lost government revenue, heightened income inequality, and potential national decline. Attempts at capture of regulatory agencies to gain a coercive monopoly can result in advantages for rent-seekers in a market while imposing disadvantages on their incorrupt competitors. This is one of many possible forms of rent-seeking behavior. Contents
1 Description
1.1 Tullock paradox
1.1.1 Possible explanations
1.2 Examples
2 Development of theory
2.1 Criticism
3 Possible consequences
4 See also
5 References
6 Further reading
7 External links
Description
The term rent-seeking was coined by the British 19th-century economist David Ricardo, but only became the subject of durable interest among economists and political scientists more than a century later after the publication of two influential papers on the topic by Gordon Tullock in 1967, and Anne Krueger in 1976. The word "rent" does not refer specifically to payment on a lease but rather to Adam Smith 's division of incomes into profit, wage, and rent. The origin of the term refers to gaining control of land or other natural resources. Georgist economic theory describes rent-seeking in terms of land rent, where the value of land largely comes from government infrastructure and services (e.g. roads, public schools, maintenance of peace and order, etc.) and the community in general, rather than from the actions of any given landowner, in their role as mere titleholder. This role must be separated from the role of a property developer, which need not be the same person.