From: DTo: Walter BlockSubject: Rent seeking or Privilege Seeking? Dear Walter, See my piece on this in The Concise Encyclopedia of Economics. Best, David Dear David: We’re certainly on the same page when it comes to this issue. I like “loot seeking” better than “privilege seeking” (some privileges are legitimate) but both are way better than “rent seeking.” I think the reason the public choice people fastened onto that terminology is because they just don’t make a sharp distinction between coercion and voluntary action, between govts and markets. Who else would acquiesce in the notion of “theoretical (or virtual) unanymity” … Continue reading Rent seeking or Privilege Seeking?
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