DEAR NOOBS: “RENT SEEKING” Has nothing to do with rental properties. 😉 RENT-SEE

DEAR NOOBS: “RENT SEEKING”

Has nothing to do with rental properties. 😉

RENT-SEEKING

In public choice theory as well as in economics, rent-seeking means seeking to increase one’s share of existing wealth without creating new wealth.

Simple Version: “Corruption from outside the government inside of inside the government.”

NOUN

1. the fact or practice of manipulating public policy or economic conditions as a strategy for increasing profits.

“cronyism and rent-seeking have become an integral part of the way our biggest companies do business”

ADJECTIVE

1. engaging in or involving the manipulation of public policy or economic conditions as a strategy for increasing profits.

“rent-seeking lobbyists”

Rent-seeking results in reduced economic efficiency through misallocation of resources, reduced wealth-creation, lost government revenue, heightened income inequality, and potential national decline.