> Outside of rent seeking, which I regard as fairly rare This is a big assumption to make. Successful rent seeking is very much a constant interest of profitab

> Outside of rent seeking, which I regard as fairly rare This is a big assumption to make. Successful rent seeking is very much a constant interest of profitable organizations--why would a business leave low risk, high margin money on the table? Competition for rentier status would be just as lively as market competition were it not for regulation, and even with it the focus only shifts to competition for regulatory capture.