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Running head: RENT SEEKING1Rent SeekingStudents NameInstitutional AffiliationRENT SEEKING2Rent SeekingRent seeking is one of the most essential insights in the las two decades of economicsand, inopportunely, one of the key inappropriately identified. Gordon Tullock came up withthe idea in 1967, and Anne Krueger created the label in 1974. The notion is simple but verypowerful. Individuals are said to seek rents when trying to access the benefits for themselvesusing the social platforms and political arena.People usually do so by obtaining a funding for a good they have produced or forbeing in a certain class of individuals, by obtaining a tariff on a good they have produced, orby receiving a superior regulation that creels their competitors. Aged people, for instance,often seek greater social security payments; strengthen creators often seek limitations onimports ...


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