Rent Seeking

Discipline: Economics

The term rent seeking was first used by American economist ANN KRUEGER (1934- ) for a theory developed by American economist GORDON TULLOCK (1922-) in 1967.

TULLOCK's theory addressed the active creation of monopolies, with the aim of achieving supernormal profits or market control, in competitive conditions.

Also see: monopolistic competition, monopoly

Source:
A O Krueger, 'The Political Economy of the Rent-Seeking Society', American Economic Review, vol. LXIV (1974), 291-303

Share

Facebook Twitter