[ELI5] what is rent-seeking, and why are we seeing more of it?
In: Economics
Rent-seeking is the practice of increasing one’s share of existing wealth without creating new wealth. This can involve leveraging government regulations or policies to secure economic gain without reciprocal contribution to productivity, often at the expense of others or society at large. The perception of its increase could be attributed to greater awareness and criticism of economic inequalities, the growing complexity of regulations that create loopholes, and the ease with which companies and individuals can influence policies and regulations in their favor through lobbying and political contributions.
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