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: Closed-shop systems
In any environment where a closed-shop system exists, so does rent-seeking. There are cases when requiring a license makes sense. Doctors and airline pilots, for example, should not practice without their licenses for obvious reasons. However, what if you want to work as a florist, packer, taxi driver, or docker? What if you need an onerous license then? 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?