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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I wonder what is the difference between arguments against of "rent seeking" and arguments against "usury" or "fair price" in the middle age. In my view both are morally loaded. People by nature seek for rent, ask for interest when give money borrowed and try to maximize their earnings with the highest price he can get for his products so what is the problem with rent seeking? Obviously if every one in the world just devote to got an "unproductive" rent (oximoron in my view) things will go bad, but the competition and the economic freedom -not moralism- must regulate to reach an equilibrium, such as regulate individual greed and other free rider behavior
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.
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