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But rent-seeking is the basis of current western capitalist economy. Entire pension system is based on investments (i.e. old people extracting money from labour

But rent-seeking is the basis of current western capitalist economy. Entire pension system is based on investments (i.e. old people extracting money from labour of others without having to work) - and it is the reason why politicians are chasing the unsustainable continuous GDP growth. This would collapse without rent-seeking as most old people suddenly would have to go back to work (except small minority of old people that made enough money in their lives but that will be less than 1%).

whatyoucantsay 9y ago
In economics, the term "rent-seeking" has a specific meaning. Taking pensions, presumably after paying into the system for 40 years, does not generally fit it. A more accurate and less ageist example is the struggling company that lobbies the government for government grants or special protections. This activity fails to create any benefit for society and in fact harms the public by redistributing resources from taxpayers to the company.