Efficient Rent Seeking

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Efficient Rent-Seeking

Author : Alan Lockard
Publisher : Springer Science & Business Media
ISBN 13 : 9780792372424
Total Pages : 432 pages
Book Rating : 4.3/5 (724 download)

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Book Synopsis Efficient Rent-Seeking by : Alan Lockard

Download or read book Efficient Rent-Seeking written by Alan Lockard and published by Springer Science & Business Media. This book was released on 2001-01-31 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: Some time ago one of the editors (Gordon Tullock) stumbled on a paradox in the competition for rents. He asked a previous research assistant (William Hunter) to work out some examples and gave a seminar on it. For reasons he cannot recall (but probably bad) he titled his talk `Efficient Rent Seeking'. As Editor of Public Choice he was able to publish without a referee. Incidentally, The Journal of Political Economy had turned it down on the grounds that the economy could not be that chaotic, and hence there must be something wrong even if the referee couldn't put his finger on it. There followed a long series of articles, mainly in Public Choice, in which various distinguished scholars proposed solutions to the paradox. The editor responded by finding fault with these solutions. In this case the editor was arguing against interest. He, like the referee for the JPE, believed that the market works, if not perfectly, at least very well. Nevertheless, the paradox resisted and persisted. It was like the paradox of the liar, and indeed in some cases did show exactly that paradox. Eventually everyone, including the editor, grew tired of the matter and the discussion sort of wound down, although it could not be said that it was either solved or even abated. It also began to appear that it had a much larger scope than just competitive rent seeking. Any contest for wealth, privilege, or prestige in which the chances of winning were affected by the investment of the contestants would appear to be subject to the same problem. The sum of the investments in equilibrium might be much less than the prize or much more. It depended on the structure of the contest, but the range of structures seemed to include almost all economic competition. Clearly, from the standpoint of economics, this was a distressing conclusion. Perhaps the whole vast structure of economic analysis rested on faulty foundations. Speaking frankly, neither of the editors thinks the situation is that desperate. We feel that there is a logical solution, even if we do not know what it is. The purpose of this volume is to attempt to get economists to turn to the problem and, hopefully, solve the paradox. We present here a substantial portion of the literature on the matter. We hope that the readers will be stimulated to think about the problem and, even more, we hope they will be able to solve it.

Efficient Rent-Seeking

Author : Alan Lockard
Publisher : Springer Science & Business Media
ISBN 13 : 1475750552
Total Pages : 401 pages
Book Rating : 4.4/5 (757 download)

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Book Synopsis Efficient Rent-Seeking by : Alan Lockard

Download or read book Efficient Rent-Seeking written by Alan Lockard and published by Springer Science & Business Media. This book was released on 2013-03-14 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: Some time ago one of the editors (Gordon Tullock) stumbled on a paradox in the competition for rents. He asked a previous research assistant (William Hunter) to work out some examples and gave a seminar on it. For reasons he cannot recall (but probably bad) he titled his talk `Efficient Rent Seeking'. As Editor of Public Choice he was able to publish without a referee. Incidentally, The Journal of Political Economy had turned it down on the grounds that the economy could not be that chaotic, and hence there must be something wrong even if the referee couldn't put his finger on it. There followed a long series of articles, mainly in Public Choice, in which various distinguished scholars proposed solutions to the paradox. The editor responded by finding fault with these solutions. In this case the editor was arguing against interest. He, like the referee for the JPE, believed that the market works, if not perfectly, at least very well. Nevertheless, the paradox resisted and persisted. It was like the paradox of the liar, and indeed in some cases did show exactly that paradox. Eventually everyone, including the editor, grew tired of the matter and the discussion sort of wound down, although it could not be said that it was either solved or even abated. It also began to appear that it had a much larger scope than just competitive rent seeking. Any contest for wealth, privilege, or prestige in which the chances of winning were affected by the investment of the contestants would appear to be subject to the same problem. The sum of the investments in equilibrium might be much less than the prize or much more. It depended on the structure of the contest, but the range of structures seemed to include almost all economic competition. Clearly, from the standpoint of economics, this was a distressing conclusion. Perhaps the whole vast structure of economic analysis rested on faulty foundations. Speaking frankly, neither of the editors thinks the situation is that desperate. We feel that there is a logical solution, even if we do not know what it is. The purpose of this volume is to attempt to get economists to turn to the problem and, hopefully, solve the paradox. We present here a substantial portion of the literature on the matter. We hope that the readers will be stimulated to think about the problem and, even more, we hope they will be able to solve it.

Efficient Rent-Seeking

Author : Alan Lockard
Publisher :
ISBN 13 : 9781475750560
Total Pages : 420 pages
Book Rating : 4.7/5 (55 download)

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Book Synopsis Efficient Rent-Seeking by : Alan Lockard

Download or read book Efficient Rent-Seeking written by Alan Lockard and published by . This book was released on 2014-09-01 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Rent-seeking Society

Author : Gordon Tullock
Publisher : Selected Works of Gordon Tullo
ISBN 13 :
Total Pages : 352 pages
Book Rating : 4.3/5 (555 download)

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Book Synopsis The Rent-seeking Society by : Gordon Tullock

Download or read book The Rent-seeking Society written by Gordon Tullock and published by Selected Works of Gordon Tullo. This book was released on 2005 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: The fifth volume in The Selected Works of Gordon Tullock consists of six parts, each part expounding on a separate component of the field. Part 1, "Rent Seeking: An Overview," brings together two papers that focus on problems of defining rent-seeking behavior and outline the nature of the ongoing research program in a historical perspective. Part 2, "More on Efficient Rent Seeking," contains four contributions in which Tullock elaborates on his 1980 article on efficient rent seeking. Part 3, "The Environments of Rent Seeking," consists of eight papers that collectively display the breadth of the rent-seeking concept. Part 4, "The Cost of Rent Seeking," comprises seven papers that address several important issues about the cost of rent seeking to society as a whole. Part 5 is Tullock's short monograph Exchanges and Contracts, in which he develops a systematic theory of exchange in political markets. In Part 6, "Future Directions for Rent-Seeking Research," Tullock focuses on the importance of information in the political marketplace. This work has been carefully constructed to build on the inaugural volume in this collection and to ease students through the field in a clear and concise manner. Gordon Tullock is Professor Emeritus of Law at George Mason University, where he was Distinguished Research Fellow in the Center for Study of Public Choice and University Professor of Law and Economics. He also taught at the University of South Carolina, the University of Virginia, Rice University, Virginia Polytechnic Institute and State University, and the University of Arizona. In 1966 he founded the journal that became Public Choice and remained its editor until 1990. Charles K. Rowley was Duncan Black Professor of Economics at George Mason University and a Senior Fellow of the James M. Buchanan Center for Political Economy at George Mason University. He was also General Director of the Locke Institute.

The Political Economy of Rent-Seeking

Author : Charles Rowley
Publisher : Springer Science & Business Media
ISBN 13 : 9780898382419
Total Pages : 520 pages
Book Rating : 4.3/5 (824 download)

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Book Synopsis The Political Economy of Rent-Seeking by : Charles Rowley

Download or read book The Political Economy of Rent-Seeking written by Charles Rowley and published by Springer Science & Business Media. This book was released on 1988-01-31 with total page 520 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is now twenty years since the concept of rent-seeking was first devised by Gordon Tullock, though he was not responsible for coining the phrase itself. His initial insight has burgeoned over two decades into a major research program which has had an impact not only on public choice, but also on the related disciplines of economics, political science, and law and economics. The reach of the insight has proved to be universal, with relevance not just for the democracies, but also, and arguably more important, for all forms of autocracy, irrespective of ideological com plexion. It is not surprising, therefore, that this volume is the third edited publication dedicated specifically to scholarship into rent-seeking behavior. The theory of rent-seeking bridges normative and positive analyses of state action. In its normative dimension, rent-seeking scholarship has expanded, enlivened, in some respects turned on its head, the traditional welfare analyses of such features of modern economics as monopoly, externalities, public goods, and trade protection devices. In its positive dimension, rent-seeking contributions have provided an important analy tical perspective from which to understand and to predict the behavior of politicians, interest groups and bureaucrats, the media and the academy within the political market place. This bridge between normative and positive elements of analysis is invaluable in facilitating an understanding of and evaluating the costs of state activity within a consistent paradigm.

The Economics of Special Privilege and Rent Seeking

Author : G. Tullock
Publisher : Springer Science & Business Media
ISBN 13 : 9401578133
Total Pages : 101 pages
Book Rating : 4.4/5 (15 download)

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Book Synopsis The Economics of Special Privilege and Rent Seeking by : G. Tullock

Download or read book The Economics of Special Privilege and Rent Seeking written by G. Tullock and published by Springer Science & Business Media. This book was released on 2013-03-14 with total page 101 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the reader of this book probably already knows, I have devoted a great deal of time to the topic which is, rather unfortunately, named rent seeking. Rent seeking, the use of resources in actually lowering total product although benefiting some minority, is, unfortunately, a major activity of most governments. As a result of this, I have stumbled on a puzzle. The rent-seeking activity found in major societies is immense, but the industry devoted to producing it is nowhere near as immense. In Washington the rent-seeking industry is a very conspicuous part of the landscape. On the other hand, if you consider how much money is being moved by that industry, then it is comparatively small. The first question that this book seeks to answer is: How do we account for the disparity? A second problem is that almost all rent seeking is done in what superficially appears to be an extremely inefficient way. I recently got estimates of the net cost to the public of the farm program and its net benefit to the farmers. The first is many times the second. Indeed, it is not at all obvious that in the long run, today's farmers are better off than they would be if the program had never been implemented. Of course, in any given year, cancelling the program would be quite painful. The first section of this book, then, is devoted to this problem.

40 Years of Research on Rent Seeking 1

Author : Roger D. Congleton
Publisher : Springer Science & Business Media
ISBN 13 : 9783540791812
Total Pages : 720 pages
Book Rating : 4.7/5 (918 download)

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Book Synopsis 40 Years of Research on Rent Seeking 1 by : Roger D. Congleton

Download or read book 40 Years of Research on Rent Seeking 1 written by Roger D. Congleton and published by Springer Science & Business Media. This book was released on 2008-08-01 with total page 720 pages. Available in PDF, EPUB and Kindle. Book excerpt: The last survey of the rent-seeking literature took place more than a decade ago. Since that time a great deal of new research has been published in a wide variety of journals, covering a wide variety of topics. The scope of that research is such that very few researchers will be familiar with more than a small part of contemporary research, and very few libraries will be able to provide access to the full breadth of that research. This two-volume collection provides an extensive overview of 40 years of rent-seeking research. The volumes include the foundational papers, many of which have not been in print for two decades. They include recent game-theoretic analyses of rent-seeking contests and also appHcations of the rent-seeking concepts and methodology to economic regulation, international trade policy, economic history, poUtical com petition, and other social phenomena. The new collection is more than twice as large as any previous collection and both updates and extends the earlier surveys. Volume I contains previously published research on the theory of rent-seeking contests, which is an important strand of contemporary game theory. Volume II contains previously pubHshed research that uses the theory of rent-seeking to an alyze a broad range of public policy and social science topics. The editors spent more than a year assembling possible papers and, although the selections fill two large volumes, many more papers could have been included.

40 Years of Research on Rent Seeking 2

Author : Roger D. Congleton
Publisher : Springer Science & Business Media
ISBN 13 : 9783540791850
Total Pages : 834 pages
Book Rating : 4.7/5 (918 download)

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Book Synopsis 40 Years of Research on Rent Seeking 2 by : Roger D. Congleton

Download or read book 40 Years of Research on Rent Seeking 2 written by Roger D. Congleton and published by Springer Science & Business Media. This book was released on 2008-08-01 with total page 834 pages. Available in PDF, EPUB and Kindle. Book excerpt: The last survey of the rent-seeking literature took place more than a decade ago. Since that time a great deal of new research has been published in a wide variety of journals, covering a wide variety of topics. The scope of that research is such that very few researchers will be familiar with more than a small part of contemporary research, and very few libraries will be able to provide access to the full breadth of that research. This two-volume collection provides an extensive overview of 40 years of rent-seeking research. The volumes include the foundational papers, many of which have not been in print for two decades. They include recent game-theoretic analyses of rent-seeking contests and also appUcations of the rent-seeking concepts and methodology to economic regulation, international trade policy, economic history, poUtical com petition, and other social phenomena. The new collection is more than twice as large as any previous collection and both updates and extends the earUer surveys. Volume I contains previously pubhshed research on the theory of rent-seeking contests, which is an important strand of contemporary game theory. Volume II contains previously published research that uses the theory of rent-seeking to an alyze a broad range of public policy and social science topics. The editors spent more than a year assembling possible papers and, although the selections fill two large volumes, many more papers could have been included.

Toward a Theory of the Rent-seeking Society

Author : James M. Buchanan
Publisher : College Station : Texas A & M University
ISBN 13 :
Total Pages : 392 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Toward a Theory of the Rent-seeking Society by : James M. Buchanan

Download or read book Toward a Theory of the Rent-seeking Society written by James M. Buchanan and published by College Station : Texas A & M University. This book was released on 1980 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Economic Analysis of Rent Seeking

Author : Robert D. Tollison
Publisher : Edward Elgar Publishing
ISBN 13 :
Total Pages : 432 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis The Economic Analysis of Rent Seeking by : Robert D. Tollison

Download or read book The Economic Analysis of Rent Seeking written by Robert D. Tollison and published by Edward Elgar Publishing. This book was released on 1995 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection brings together the classic papers on the economics of rent seeking. These papers date from Gordon Tullock's original 1967 paper which first put forth the idea that the pursuit of transfers was socially costly. Other classic papers by Anne Krueger and Richard Posner are included, as well as a series of more recent papers which trace the evolution of the literature on this important innovation in economic theory.

The Political Economy of Rent-Seeking

Author : Charles Rowley
Publisher : Springer Science & Business Media
ISBN 13 : 1475719639
Total Pages : 480 pages
Book Rating : 4.4/5 (757 download)

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Book Synopsis The Political Economy of Rent-Seeking by : Charles Rowley

Download or read book The Political Economy of Rent-Seeking written by Charles Rowley and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is now twenty years since the concept of rent-seeking was first devised by Gordon Tullock, though he was not responsible for coining the phrase itself. His initial insight has burgeoned over two decades into a major research program which has had an impact not only on public choice, but also on the related disciplines of economics, political science, and law and economics. The reach of the insight has proved to be universal, with relevance not just for the democracies, but also, and arguably more important, for all forms of autocracy, irrespective of ideological com plexion. It is not surprising, therefore, that this volume is the third edited publication dedicated specifically to scholarship into rent-seeking behavior. The theory of rent-seeking bridges normative and positive analyses of state action. In its normative dimension, rent-seeking scholarship has expanded, enlivened, in some respects turned on its head, the traditional welfare analyses of such features of modern economics as monopoly, externalities, public goods, and trade protection devices. In its positive dimension, rent-seeking contributions have provided an important analy tical perspective from which to understand and to predict the behavior of politicians, interest groups and bureaucrats, the media and the academy within the political market place. This bridge between normative and positive elements of analysis is invaluable in facilitating an understanding of and evaluating the costs of state activity within a consistent paradigm.

Rents, Rent-Seeking and Economic Development

Author : Mushtaq Husain Khan
Publisher : Cambridge University Press
ISBN 13 : 9780521788663
Total Pages : 358 pages
Book Rating : 4.7/5 (886 download)

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Book Synopsis Rents, Rent-Seeking and Economic Development by : Mushtaq Husain Khan

Download or read book Rents, Rent-Seeking and Economic Development written by Mushtaq Husain Khan and published by Cambridge University Press. This book was released on 2000-09-07 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: The concepts of rents and rent-seeking are central to any discussion of the processes of economic development. Yet conventional models of rent-seeking are unable to explain how it can drive decades of rapid growth in some countries, and at other times be associated with spectacular economic crises. This book argues that the rent-seeking framework has to be radically extended by incorporating insights developed by political scientists, institutional economists and political economists if it is to explain the anomalous role played by rent-seeking in Asian countries. It includes detailed analysis of Thailand, Malaysia, the Philippines, the Indian sub-continent, Indonesia and South Korea. This new critical and multidisciplinary approach has important policy implications for the debates over institutional reform in developing countries. It brings together leading international scholars in economics and political science, and will be of great interest to readers in the social sciences and Asian studies in general.

Efficient Rent-seeking in Experiment

Author : Carsten Vogt
Publisher :
ISBN 13 :
Total Pages : 9 pages
Book Rating : 4.:/5 (633 download)

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Book Synopsis Efficient Rent-seeking in Experiment by : Carsten Vogt

Download or read book Efficient Rent-seeking in Experiment written by Carsten Vogt and published by . This book was released on 1997 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The World of Economics

Author : John Eatwell
Publisher : Springer
ISBN 13 : 1349213152
Total Pages : 766 pages
Book Rating : 4.3/5 (492 download)

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Book Synopsis The World of Economics by : John Eatwell

Download or read book The World of Economics written by John Eatwell and published by Springer. This book was released on 1991-05-13 with total page 766 pages. Available in PDF, EPUB and Kindle. Book excerpt: What are the central questions of economics and how do economists tackle them? This book aims to answer these questions in 100 essays, written by economists and selected from "The New Palgrave: A Dictionary of Economics". It shows how economists deal with issues ranging from trade to taxation.

Rent Seeking

Author : Falk von Möllendorff
Publisher : GRIN Verlag
ISBN 13 : 3638457060
Total Pages : 24 pages
Book Rating : 4.6/5 (384 download)

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Book Synopsis Rent Seeking by : Falk von Möllendorff

Download or read book Rent Seeking written by Falk von Möllendorff and published by GRIN Verlag. This book was released on 2006-01-17 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Studienarbeit aus dem Jahr 2004 im Fachbereich VWL - Finanzwissenschaft, Note: 1,7, Friedrich-Schiller-Universität Jena, Veranstaltung: Seminar zum Thema Public Choice, 6 Quellen im Literaturverzeichnis, Sprache: Deutsch, Abstract: Die vorliegende Arbeit soll eine Vertiefung in das Thema Rent Seeking bieten. Kosten für die Gesellschaft, die durch dieses Phänomen anfallen, werden in ihrer Unterschiedlichkeit betrachtet. Ziel ist es, die Strukturen des Rent Seeking zu durchleuchten, die Anreize zu erkennen und mögliche Barrieren zu identifizieren. Zunächst sollen die Grundlagen und der Ursprung der Rent Seeking-Forschung dargestellt werden, bevor in Kapitel 2 ein spezieller Aspekt des Themas behandelt wird. Gestützt auf den Artikel „A Theory of Competition Among Pressure Groups for Political Influence” von Gary S. Becker werden die Zusatzkosten des Rent Seeking betrachtet, und deren Wirkung auf das Ausmaß der Aktivitäten von Interessengruppen, die für die Durchsetzung ihrer Interessen kämpfen. Im zweiten - in Kapitel 3 betrachteten - Aufsatz „Strategic Restraint in Contests“ von G. S. Epstein und S. Nitzan wird das strategische Verhalten der Interessengruppen betrachtet, in diesem Falle in Abhängigkeit von den Kosten der Durchsetzbarkeit mehr oder minder voneinander abweichender Politikvorschläge. Letztlich sollen in Kapitel 4 noch zwei weitere Ansätze betrachtet werden. Zum Einen handelt sich dabei um die praxisbezogene Arbeit „Korruption und Rent Seeking in Lateinamerika“ von Rupert Pritzl; zum Anderen um den Aufsatz „Efficient Rent Seeking“ von Gordon Tullock, in dem am Beispiel einer Lotterie die Rent Seeking-Ausgaben betrachtet werden.

Privatization in Malaysia

Author : Jeff Tan
Publisher : Routledge
ISBN 13 : 1134089155
Total Pages : 251 pages
Book Rating : 4.1/5 (34 download)

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Book Synopsis Privatization in Malaysia by : Jeff Tan

Download or read book Privatization in Malaysia written by Jeff Tan and published by Routledge. This book was released on 2007-10-02 with total page 251 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores privatization in Malaysia, focusing in particular on how political constraints resulted in the failure of four major privatizations: the national sewerage company (IWK), Kuala Lumpur Light Rail Transit (LRT), national airline (MAS), and national car company (Proton).

The Selected Works of Gordon Tullock

Author : Gordon Tullock
Publisher : Selected Works of Gordon Tullo
ISBN 13 : 9780865975415
Total Pages : 0 pages
Book Rating : 4.9/5 (754 download)

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Book Synopsis The Selected Works of Gordon Tullock by : Gordon Tullock

Download or read book The Selected Works of Gordon Tullock written by Gordon Tullock and published by Selected Works of Gordon Tullo. This book was released on 2006-02 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the past half-century Gordon Tullock continually advanced the frontiers of political economy, most particularly with respect to the workings of representative democracies and of autocracies. This ten-volume series, edited and arranged thematically, brings together Tullock's most significant contributions to economics, political science, public choice, sociology, law and economics, and bioeconomics. Scholars will undoubtedly find the extensive breadth and depth of Tullock's writings enriching. The general reader, as well as the student of politics, and all who love economic liberty, will find Tullock's prose lucid, readable, and sprinkled with wit. His forensic argument is penetrating, compelling, and clear, and his brilliant mind is surprisingly accessible to us all. The Selected Works of Gordon Tullock provides an entr e to the mind of a legend in the field of political economics. Professor Rowley gives a deliberately sparse contextual introduction to each volume, opting to allow the very able and eloquent Tullock to speak for himself. Gordon Tullock (1922-2014) was Professor Emeritus of Law at George Mason University, where he was Distinguished Research Fellow in the Center for Study of Public Choice and University Professor of Law and Economics. He also taught at the University of South Carolina, the University of Virginia, Rice University, Virginia Polytechnic Institute and State University, and the University of Arizona. In 1966 he founded the journal that became Public Choice and remained its editor until 1990. Charles K. Rowley (1939-2013) was Duncan Black Professor of Economics, a Senior Fellow of the James M. Buchanan Center for Political Economy at George Mason University, and the General Director of the Locke Institute.