Rent seeking
1.Rent seeking is the practice of attempting to maximize profits from existing sources of income rather than creating new wealth, esp by influencing government policy.
2. Rent-seeking is a concept in economics that states that an individual or an entity seeks to increase their own wealth without creating any benefits or wealth to the society.Rent-seeking activities aim to obtain financial gains and benefits through the manipulation of the distribution of economic resources. Economists view such activities as detrimental to the economy and society. The practice reduces economic efficiency through the inefficient allocation of resources. Also, it commonly leads to other damaging consequences, including a rise in income inequality, lost government revenues, and a decrease in competition.
3.Rent seeking (or rent-seeking) is an economic concept that occurs when an entity seeks to gain added wealth without any reciprocal contribution of productivity. Typically, it revolves around government-funded social services and social service programs.
Rent seeking. Definition and meaning.Collins English Dictionary. (2024). https://www.collinsdictionary.com/dictionary/english/rent-seeking
Rent seeking.(2024). Corporate Finance Institute. https://corporatefinanceinstitute.com/resources/economics/rent-seeking/
Investopedia. (December 03, 2021) Christina Majaski Publishers, Retrieved from: https://www.investopedia.com/terms/r/rentseeking.asp