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She still has an excellent chance for a Nobel Prize. She is the preeminent thinker on measuring the costs of rent-seeking, plus her work on trade and growth

She still has an excellent chance for a Nobel Prize.  She is the preeminent thinker on measuring the costs of rent-seeking, plus her work on trade and growth continues to resonate.

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user's picture

I think there is a big difference between rent-seeking and activities such as the ones you mention. In rent-seeking, the person paying up is doing so unwillingly and often unwittingly, whereas in the other activities (e.g. taking a loan), the person paying does so knowing full well what they're paying for and they can always choose not to.

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Understood. Anyway It´s still hard to me to distinguish rent seeking from speculation, I think that speculation is not only legitimate but also a fundamental economic activity. Speculators take the risk in uncertain situations and bet, trying to take as much advantages as they can (provided they are legal) I think that is relevant to know if a non "socially good" behavior -even legal- such as take "unfair advantage" is wrong in the economy

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