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Essay / Research Paper Abstract
This 3 page essay discusses issues inherent to rent-seeking, its desired results, and quasi-rent seeking behaviors. Rent seeking behavior can best be described as '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. ' Bibliography lists 3 sources.
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3 pages (~225 words per page)
File: D0_BWrent.rtf
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difficult to then apply the concept to a number of circumstances by which people or organizations are willing to pay in order to establish their primacy in a particular business
concern, location, or other entity of commercial or economic value. In fact, Felkins (1996) is able to define the larger process further by noting that rent seeking behavior as
"the expenditure of resources in order to bring about an uncompensated transfer of goods or services from another person or persons to ones self as the result of a "favorable"
decision on some public policy" (Felkins at .net~leonf/politics/rentseek.html). 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. The term "rent seeking" comes from the idea in economics of "monopoly rent." Monopoly rent is
income earned by an individual because he is able to charge a monopoly price. Most people believe that monopoly is bad. Indeed the most developed countries have laws that prevent
firms from "acting monopolistically." However, economists have long believed that monopoly can actually benefit consumers, especially when it serves as a reward for innovative or entrepreneurial development.
Gunning (1998) defines rent seeking to be a legal act and explains that if bribery is illegal, the act of bribing a legislator to vote
for a law is not rent seeking. In some societies, however, the distinction between the legal and illegal bribery is not so clear. In economic models, it is far
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