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I understand why you are using the words "rent seeking", but that's a defined term with a meaning which differs from what you're trying to describe: https://en.
by nickff 3y ago
I understand why you are using the words "rent seeking", but that's a defined term with a meaning which differs from what you're trying to describe: https://en.wikipedia.org/wiki/Rent-seeking https://en.wikipedia.org/wiki/Rent-seeking
>"Rent-seeking is the act of growing one's existing wealth by manipulating the social or political environment without creating new wealth.[1] Rent-seeking activities have negative effects on the rest of society. They result in reduced economic efficiency through misallocation of resources, reduced wealth creation, lost government revenue, heightened income inequality,[2][3] risk of growing political bribery, and potential national decline. "
- lamontcg 3y agoBut Google actually is rent seeking by the economic description. The poster is just accusing google of a 'lesser charge' by misunderstanding the concept, they should fix their accusation of what Google is doing not change the term.
- nickff 3y agoCharging for access to your products, or taking a cut for sales which take place in your 'virtual store' does not involve any social or political manipulation.
- karmakaze 3y agoYes right, I was primarily referring to the economic part of the term. There is also ongoing effort of platform owners to maintain their position which does fulfill the other part of the definition.