Title: What is rent? Definition and some examples - Market Business News
Headings: What is rent? Definition and meaning
What is rent? Definition and meaning
Economic rent – another example
What is land?
Two farmers
What is rent-seeking
Closed-shop systems
The wealth pie does not grow
Government corruption and rent-seeking
Video – What is economic rent?

Content: The license in such cases is a giant barrier to entry. It is not protecting passengers or patients, etc. Licensing requirements and other barriers to entry exist as a result of lobbying efforts. Specifically, lobbying efforts from people who work certain industries. The wealth pie does not grow
What happens if fewer players can operate within an industry? It means that each participant gets a larger slice of the wealth pie. Licensing requirements contribute nothing to the creating of additional wealth. In other words, they do not make that wealth pie any larger. Any closed-shop system is bad for consumers. Free competition drives down prices.