Title: What is rent-seeking? Definition and meaning - Market Business News
Headings: What is rent-seeking? Definition and meaning
What is rent-seeking? Definition and meaning
Rent-seeking behaviors of lobbying
Rent-seeking licensing rackets
Rent-seeking in government
Video – Rent-Seeking – Definition and Meaning

Content: However, after a few years, more and more wolves become members of the agency. Eventually, the protection and rights of wolves become more important for the agency than the protection and rights of sheep. Auburn University’s Glossary of Political Economy Terms says that rent-seeking behavior is: “The expenditure of resources in order to bring about an uncompensated transfer of goods or services from another person or persons to one’s self as the result of a “favorable” decision on some public policy.” “The term seems to have been coined (or at least popularized in contemporary political economy) by the economist Gordon Tullock. Examples of rent-seeking behavior would include all of the various ways by which individuals or groups lobby government for taxing, spending and regulatory policies that confer financial benefits or other special advantages upon them at the expense of the taxpayers or of consumers or of other groups or individuals with which the beneficiaries may be in economic competition.” Video – Rent-Seeking – Definition and Meaning
In this video, Richard McKenzie explains how rent-seeking “allows us to bring together our theory of monopoly and cartels, and also the study of the political process.” YouTube
Richard McKenzie
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14.3 - Public Choice - Rent Seeking
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