Rent-seeking: Difference between revisions

[[File:PapalPolitics2.JPG|thumb|''Antichristus'',<ref>{{cite book |url= https://books.google.com/books?id=NMQ_Ar84DCcC |title=Passional Christi und Antichristi |last1=Luther |first1=Martin |year=1521 }}</ref> a woodcut by [[Lucas Cranach the Elder]], of the pope using the temporal power to grant authority to a ruler contributing generously to the Catholic Church]]

 

 

An example of rent-seeking in a modern economy is spending money on lobbying for government subsidies to be given wealth that has already been created, or to impose regulations on competitors, to increase one's own market share.<ref>{{cite web |last1=Samples |first1=John |title=An Introduction to Rent Seeking |url= https://www.libertarianism.org/blog/introduction-rent-seeking |work=libertarianism.org |date=May 30, 2012 }}</ref> Another example of rent-seeking is the limiting of access to lucrative occupations, as by medieval [[guild]]s or modern state certifications and [[licensure]]s. According to some libertarian perspectives, taxi licensing is a textbook example of rent-seeking.<ref>{{cite book |last1=McTaggart |first1=Douglas |title=Economics |date=2012 |publisher= Pearson Higher Education |isbn=978-1-4425-5077-3 |page=224}}</ref> To the extent that the issuing of licenses constrains overall supply of taxi services (rather than ensuring competence or quality), forbidding competition from other [[vehicles for hire]] renders the (otherwise consensual) transaction of taxi service a forced transfer of part of the fee, from customers to taxi business proprietors.