Forum: Rent-seeking

Series Title
Series Details Vol.13, No.3, Autumn 2015
Publication Date September 2015
ISSN 1612-0663
Content Type

A series of article discussing the concept of 'rent-seeking'.

Firms and industries across the world regularly engage with political and government players in order to obtain economic rents through a variety of elaborate strategic tools. Scholars in political economy and economics refer to this behavior as rent-seeking, while scholars in business and management often call it non-market strategy or corporate political strategy.

The usual goal of these rent-seeking efforts is to secure benefits from the government that would ultimately allow the rent-seekers to improve or maintain their economic position. Examples are plentiful in a variety of institutional settings across the world and include classic cases (e.g., agricultural protection). As Mueller (2003) points out, rent-seeking usually imposes welfare losses on society, which can be substantial depending on the type of rent-seeking behavior that takes place, as well as the political system it occurs in. However, despite the prevalence of rent-seeking and the increasingly salient participation of firms in the political process, rent-seeking behavior and its costs to society often do not receive as much public scrutiny when new policies are developed as they should. This can be quite problematic for a country’s political process and economic development, particularly because rent-seeking by its very definition distorts the efficient
use of resources.

Article include:
+ Rent-Seeking and Public Policy (Sanjay Patnaik)
+ Rent-Seeking on the Supply Side of Politics (Mark A. Zupan)
+ Modern Lobbying: A Relationship Market (Thomas Groll and Maggie McKinley)
+ The Role of Political Parties in Rent-Seeking Societies (Panu Poutvaara)
+ Crony Capitalism (Paul Dragos Aligica and Vlad Tarko)
+ Pension Reform in Europe: What Has Happened in the Wake of the Crisis? (David Natali)
+ Natural-Resource Rents and Political Stability in the Middle East and North Africa (Kjetil Bjorvatn and Mohammad Reza Farzanegan)
+ Rent-Seeking in a Time of Austerity: Greece (Thomas Moutos and Lambros Pechlivanos)
+ Overcoming the Rent-Seeking Defect in Regional Policy: Time to Re-think the Institutional Design (Charles B. Blankart and David C. Ehmke)

Source Link
Related Links
Wikipedia: Rent-seeking
Library of Economics and Liberty: Concise Encyclopedia of Economics: Rent-seeking

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