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I concede the finer point. It's probably true that rent seeking can be accomplished with the intervention of government as such. I maintain that, because gover
by CWuestefeld 17y ago
I concede the finer point. It's probably true that rent seeking can be accomplished with the intervention of government as such.
I maintain that, because government is so accessible and because they carry such a big stick, the vast, vast portion of rent seeking is accomplished by subverting government regulation.
That said, I'm up-voting your reply because it is a relevant argument. I just watched a TED video with Paul Romer where he talked about the effect of societal rules on development: not just governmental laws, but broader societal norms that might prevent progress.
- skorgu 17y agoI concur entirely, it's a risky bargain especially considering the temptation to fight rent-seeking with more regulation with the attendant second- and third-order effects. Well said.