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Rent Seeking - Economic Concept

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Post OsricPearl on Fri 12 Jul - 20:54

A good, short video that explains the economic concept of "Rent seeking," and why, though sometime necessary, can have some negative effects on the economy, and how the government and corporations take advantage of it and screw the little guy.





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Post Neon Knight on Sun 14 Jul - 19:10

I suppose the justification for this type of thing boils down to a question whether or not it's in the public and/or economic interest. Obviously there are good reasons for checking vehicle efficiency but it should be done properly and not too often. That example reminds me of wheel clampers who charge car owners to have the clamps removed:

"Wheel-clampers have been outlawed from clamping vehicles on private land under new legislation in England and Wales. The Protection of Freedoms Act makes it an offence to clamp on private land. The law does not affect Northern Ireland, and clamping and towing away on private land has been banned in Scotland since 1992." - BBC

Should copyright end when the originator dies or should it be inheritable by a person or company?

"In the UK, copyright in artistic works generally lasts for the lifetime of the artist plus 70 years after their death." - DACS.org.uk

"You can renew your patent for up to a maximum of 20 years from its filing date. After that point, it cannot be renewed any further and will lapse." - downing-ip.uk

Seems reasonable. Even a bit strict in the case of the patent.




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Post OsricPearl on Mon 15 Jul - 21:34

I think that rent seeking can be necessary because it does provide a service, even if it doesn't cost the provider anything. For example, if someone needs land and you have land, then there is a service that you can provide to the person who needs it. The fact that you can profit from it only gives you an incentive to provide the service.
The problem is when services or governments use this rent seeking to force people to pay for services that they neither need or want, for example the BBC or the $5 landline fee in California.

With the example of Disney, the company is no longer under the management of Disney or his family. He has been dead for nearly seventy years now, and many of his cartoons were made even before he died. Some old movies, silent movies, are still under copyright laws even though not a single person a live left could benefit from it. Shrug




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