Description of rent seeking as applied to political corruption
Brief definition of "rent": To avoid misunderstandings, "rent" in this context has nothing to do with "rent" in the sense of rent for land or property. In the modern context of "rent seeking", rent strictly speaking means financial income which is not matched by corresponding labour or investment in the market sense. Rent in this sense arises from manipulation of the economic environment (e.g. monopolies, import and trading restrictions, and subsidies).
As resources are consumed in rent seeking which are then no longer available for productive activities, rent seeking involves heavy social…
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