Economics

Getting rich by rearranging the rules can pay better than making anything

Economists Gordon Tullock and Anne Krueger described 'rent-seeking': spending money and effort to capture a bigger slice of existing wealth, through lobbying, licensing restrictions or protective tariffs, rather than creating any new wealth. Unlike ordinary investment, resources spent this way leave society poorer overall even as they enrich whoever wins the fight.

Anne Krueger, The Political Economy of the Rent-Seeking Society — American Economic Review, 1974; concept originated by Gordon Tullock, 1967

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