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The document discusses the concept of rent-seeking, which refers to attempting to obtain economic rent by manipulating social or political factors rather than creating new wealth. It provides the example of lobbying politicians to gain a share of existing wealth. While those accused of rent-seeking argue they are improving standards, rent-seeking itself does not create benefits for society through new wealth creation, but rather redistributes resources without reciprocation.
The document discusses the concept of rent-seeking, which refers to attempting to obtain economic rent by manipulating social or political factors rather than creating new wealth. It provides the example of lobbying politicians to gain a share of existing wealth. While those accused of rent-seeking argue they are improving standards, rent-seeking itself does not create benefits for society through new wealth creation, but rather redistributes resources without reciprocation.
The document discusses the concept of rent-seeking, which refers to attempting to obtain economic rent by manipulating social or political factors rather than creating new wealth. It provides the example of lobbying politicians to gain a share of existing wealth. While those accused of rent-seeking argue they are improving standards, rent-seeking itself does not create benefits for society through new wealth creation, but rather redistributes resources without reciprocation.
1) Right to guaranteed delivery of service in MP, Raj
2) RTi 3) Social audit
Ref pg 115; 164 vaji part B
In public choice theory, rent-seeking is an attempt to obtain economic rent, (i.e., the portion of income paid to a factor of production in excess of that which is needed to keep it employed in its current use), by manipulating the social or political environment in which economic activities occur, rather than by creating new wealth. One example is spending money on political lobbying in order to be given a share of wealth that has already been created. A famous example of rent-seeking is the limiting of access to lucrative occupations, as by medievalguilds or modern state certifications and licensures. People accused of rent-seeking typically argue that they are indeed creating new wealth (or preventing the reduction of old wealth) by improving quality controls, guaranteeing that charlatans do not prey on a gullible public, and preventing bubbles.
Definition of 'Rent-Seeking' When a company, organization or individual uses their resources to obtain an economic gain from others without reciprocating any benefits back to society through wealth creation.
Investopedia explains 'Rent-Seeking'
An example of rent-seeking is when a company lobbies the government for loan subsidies, grants or tariff protection. These activities don't create any benefit for society, they just redistribute resources from the taxpayers to the special-interest group.