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Tag Archives: rent-seekers
“The rich are different from you and me” the saying goes. “They have more money“. But that’s not the only way they are different. In the updated Financial Review Rich List released on Friday, 45 of the richest 50 Australians are men. And they are … Continue reading
‘Rent-seeking’ is a term understood by most economists. It refers to the ability of powerful groups to extract special concessions and favours at the expense of the wider community.
We see it almost every day in the media; rent-seekers extracting benefits for themselves through political influence and lobbying at the expense of a broader community. It has very little to do with markets. It is about political favours for … Continue reading
Long before the release of French economist Thomas Piketty’s smash bestseller, it was recognised by social scientists that income inequality in developed countries had been rising for a while. Economists’ stock-in-trade explanation for this trend was that people whose … Continue reading