>>512185620Rent seeking is evil, but for the non-economists, rent seeking has nothing to do with property rent.
We don’t hate businessmen. We hate rent seeking CEO’s.
Rent-seeking refers to the practice of individuals or groups using their resources to obtain economic benefits from others without reciprocating any benefits to society. It involves using political influence, lobbying, or other means to capture a share of existing wealth rather than creating new wealth through productive economic activities.
Rent-seeking is increasing one's wealth without generating any more wealth. It is a term used in economics to describe situations in which a person or organization tries to improve its riches at the expense of society. It is financial gain obtained by resource management that is cunning or manipulative. For example, rent seekers may benefit in a market through attempts to capture regulatory authorities. It will help them obtain a coercive monopoly while the organization's uncorrupt rivals may suffer.
Rent-seeking is the act of growing one's existing wealth by manipulating the social or political environment without creating new wealth. Rent-seeking activities have negative effects on the rest of society. They result in reduced economic efficiency through misallocation of resources, stifled competition, reduced wealth creation, lost government revenue, heightened income inequality, risk of growing corruption and cronyism, decreased public trust in institutions, and potential national decline. Successful capture of regulatory agencies (if any) to gain a coercive monopoly can result in advantages for rent-seekers in a market while imposing disadvantages on their uncorrupt competitors.
https://en.m.wikipedia.org/wiki/Rent-seeking
https://www.britannica.com/money/rent-seeking
