{"id":10804,"date":"2017-08-08T07:46:35","date_gmt":"2017-08-08T12:46:35","guid":{"rendered":"http:\/\/huewhite.com\/umb\/?p=10804"},"modified":"2017-08-08T07:46:35","modified_gmt":"2017-08-08T12:46:35","slug":"word-of-the-day-194","status":"publish","type":"post","link":"https:\/\/huewhite.com\/umb\/2017\/08\/08\/word-of-the-day-194\/","title":{"rendered":"Word Of The Day"},"content":{"rendered":"

Rent-seeking<\/i>:<\/p>\n

\u201c<\/span>\u00a0R<\/span>ent seeking\u201d is one of the most important insights in the last fifty years of economics and, unfortunately, one of the most inappropriately labeled. Gordon Tullock originated the idea in 1967, and Anne Krueger introduced the label in 1974. The idea is simple but powerful. People are said to seek rents when they try to obtain benefits for themselves through the political arena. They typically do so by getting a subsidy for a good they produce or for being in a particular class of people, by getting a tariff on a good they produce, or by getting a special\u00a0regulation<\/a>\u00a0that hampers their competitors. Elderly people, for example, often seek higher\u00a0Social Security<\/a>\u00a0payments; steel producers often seek restrictions on imports of steel; and licensed electricians and doctors often lobby to keep regulations in place that restrict\u00a0competition<\/a>\u00a0from unlicensed electricians or doctors.\u00a0[David R. Henderson,\u00a0The Concise Encyclopedia of Economics<\/b><\/a>]<\/i><\/span><\/p><\/blockquote>\n

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Noted in “Leaving\u00a0<\/i>Lochner\u00a0Behind<\/i><\/a>,” Mark Pulliam,\u00a0Library of Law And Liberty<\/b><\/i>:<\/p>\n

Earlier this year, during\u00a0a debate<\/a>\u00a0with Neily at the Manhattan Institute regarding\u00a0judicial engagement versus judicial restraint<\/a>, he reminded me of something I had written about economic liberties 35 years ago, as a 26-year-old lawyer. The essay, in the Spring 1982 issue of\u00a0Policy Review<\/em>\u2014which at that time was published by the Heritage Foundation\u2014contained some fulsome praise of\u00a0Lochner<\/em>\u00a0as a constraint on rent-seeking in the political process. In hindsight, I realize that my essay exhibited the combination of enthusiasm and certitude that only an idealistic twenty-something can generate.<\/p>\n

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Rent-seeking: \u201c\u00a0Rent seeking\u201d is one of the most important insights in the last fifty years of economics and, unfortunately, one of the most inappropriately labeled. Gordon Tullock originated the idea in 1967, and Anne Krueger introduced the label in 1974. The idea is simple but powerful. People are said to \u2026 Continue reading → <\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-10804","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/posts\/10804","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/comments?post=10804"}],"version-history":[{"count":1,"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/posts\/10804\/revisions"}],"predecessor-version":[{"id":10805,"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/posts\/10804\/revisions\/10805"}],"wp:attachment":[{"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/media?parent=10804"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/categories?post=10804"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/tags?post=10804"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}