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Author: Ms.Era Dabla-Norris
Publisher: INTERNATIONAL MONETARY FUND
ISBN: 9781451843262
Category : Business & Economics
Languages : en
Pages : 29
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Book Description
This paper studies the relationship between wealth inequality and occupational choice between rent-seeking and production. With imperfect credit markets and a fixed cost to rent-seeking, only wealthy agents choose to engage in rent-seeking as it enables them to protect their wealth from expropriation. Hence, initial wealth determines occupational choice and aggregate economic activity. The model also generates an unequal wealth distribution endogenously through fair gambles undertaken voluntarily, despite agents being identical ex ante. If agents have an altruistic bequest motive, income and occupational differences can be perpetuated from generation to generation.
Author: Ms.Era Dabla-Norris
Publisher: INTERNATIONAL MONETARY FUND
ISBN: 9781451843262
Category : Business & Economics
Languages : en
Pages : 29
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Book Description
This paper studies the relationship between wealth inequality and occupational choice between rent-seeking and production. With imperfect credit markets and a fixed cost to rent-seeking, only wealthy agents choose to engage in rent-seeking as it enables them to protect their wealth from expropriation. Hence, initial wealth determines occupational choice and aggregate economic activity. The model also generates an unequal wealth distribution endogenously through fair gambles undertaken voluntarily, despite agents being identical ex ante. If agents have an altruistic bequest motive, income and occupational differences can be perpetuated from generation to generation.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
The International Monetary Fund (IMF) presents the full text of the February 2001 paper entitled "Rent Seeking and Endogenous Income Inequality," prepared by Era Dabla-Norris and Paul Wade. The text is available in PDF format. This paper examines the relationship between wealth inequality and occupational choice between rent-seeking and production. Initial wealth determines occupational choice and aggregate economic activity.
Author: Péter Mihályi
Publisher: Springer
ISBN: 3030038467
Category : Social Science
Languages : en
Pages : 156
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Book Description
Mihályi and Szelényi provide a timely contribution to contemporary debates about inequality of incomes and wealth, offering a careful examination of various sources of rent in contemporary societies, and considering several policy options to reduce inequality in order to preserve the meritocratic nature of liberal democracies. While Rent-Seekers, Profits, Wages and Inequality acknowledges the rapid and disturbing increase of incomes and wealth in the top 1 or 0.1%, it focuses on the increasing rent component of incomes and wealth in the top 20% as even more consequential. The attention to cutting-edge issues on inequality in macroeconomics, political science and sociology will appeal to social scientists interested in income distribution and wealth accumulation.
Author: Kurt von Seekamm Jr.
Publisher: Routledge
ISBN: 1000222462
Category : Business & Economics
Languages : en
Pages : 81
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Book Description
Rent Seeking and Human Capital: How the Hunt for Rents Is Changing Our Economic and Political Landscape explores the debates around rent seeking and contextualizes it within the capitalist economy. It is vital that the field of economics does a better job of analyzing and making policy recommendations that reduce the opportunities and rewards for rent seeking, generating returns from the redistribution of wealth rather than wealth creation. This short and provocative book addresses the key questions: Who are the rent seekers? What do they do? Where do they come from? What are the consequences of rent seeking for the broader economy? And, finally: What should policymakers do about them? The chapters examine the existing literature on rent seeking, including looking at the differences between rent seeking and economic rent. The work provides an in-depth look at the case of the impact of rent seeking degrees in the United States, particularly in business and law, and explores potential policy remedies, such as a wealth tax, changes to the rules on financial transactions, and patent law reform. This text provides an important intervention on rent seeking for students and scholars of heterodox economics, political economy, inequality, and anyone interested in the shape of the modern capitalist economy.
Author: Robert D. Tollison
Publisher: Edward Elgar Publishing
ISBN:
Category : Business & Economics
Languages : en
Pages : 432
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Book Description
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.
Author: G. Tullock
Publisher: Springer Science & Business Media
ISBN: 9401578133
Category : Business & Economics
Languages : en
Pages : 101
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Book Description
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.
Author: Roland Benabou
Publisher:
ISBN:
Category : Credit
Languages : en
Pages : 70
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Book Description
Using two unifying models and an empirical exercise, this paper present and extends the main theories linking income distribution and growth, as well as the relevant empirical evidence. The first model integrates the political economy and imperfect capital markets theories. It allows for explicit departures from perfect democracy and embodies the tradeoff between the growth costs and benefits of redistribution through taxes, land reform or public schooling: such policies simultaneously depress savings incentives and ease wealth constraints which impede investment by the poor. The second model is a growth version of the prisoner's dilemma which captures the essence of theories where sociopolitical conflict reduces the security of property rights thereby discouraging accumulation. The economy's growth rate is shown to fall with interest groups' rent-seeking abilities, as well as with the gap between rich and poor. It is not income inequality per se that matters, but inequality in the relative distribution of earnings and political power. For each of the three channels of political economy, capital markets and social conflict, the empirical evidence is surveyed and discussed in conjunction with theoretical analysis. Finally, the possibility of multiple steady-states leads me to to raise and take up a new empirical issue: are cross-country differences in inequality permanent, or gradually narrowing? Equivalently, is there conver- gence not only in first moments (GDP per capita), but convergence in distribution?
Author: R. D. Congleton
Publisher: Edward Elgar Publishing
ISBN: 1782544941
Category : Business & Economics
Languages : en
Pages : 553
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Book Description
The quest for benefit from existing wealth or by seeking privileged benefit through influence over policy is known as rent seeking. Much rent seeking activity involves government and political decisions and is therefore in the domain of political econo
Author: Shankha Chakraborty
Publisher:
ISBN:
Category : Income distribution
Languages : en
Pages : 34
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Book Description
Author: Vadim Kufenko
Publisher: Springer
ISBN: 3658080833
Category : Business & Economics
Languages : en
Pages : 121
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Book Description
Vadim Kufenko provides a theoretical and empirical analysis of various aspects of economic growth and income inequality in the Russian regions using different estimation techniques from the cross-section OLS and logistic models to dynamic panel data system GMM. The general period for the data is 1995-2012. Acknowledging the crucial role of human capital, the author models the brain-drain using game theory and shows that the owners of human capital may have monetary as well as institutional motives. He states that the income gap between the regional elite and the population is a robust positive determinant of the risk of protests.
