Title: The Role of Government and Regulation
Headings: The Role of Government and Regulation
The Role of Government and Regulation
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Content: Government makes business inefficient, making people worse off. There are also other regulation-related issues. Regulation-Related Issues
(1) Rent seeking: This is when businesses or other interests lobby for laws that are favourable to their industry. Lobbying costs money, and all of these resources spent to get favourable laws past contribute to the cost of regulation - they are simply a waste. When laws are passed in your favour, you make money on what is called 'economic rent.' Economic rent is made when an income received is above what would be needed to keep a factor of production in current use. For example, the company that published your textbook would probably still be in the publishing business if it could only sell each textbook they wrote for $30. However, because of favourable copyright laws, they are able to charge $100/textbook. We call the excess $70 that the company makes economic rent.