Rent is traditionally seen not so much as a cause of inefficiency, but the effect of inefficiency. Rent can almost be seen as wasted efficiency. It's the effici

Rent is traditionally seen not so much as a cause of inefficiency, but the effect of inefficiency. Rent can almost be seen as wasted efficiency. It's the efficiency (or surplus) taken off the table by the monopolist. But your point about further concentrating power and enabling further regulatory capture, and hence, more rents, is an important one.