Questions to Guide Your Reading
What is the difference between profit-seeking and rent-seeking? What role do institutions play in creating/changing the difference?
What does Tullock argue is the social cost of theft? How is it related to the idea of rent-seeking?
Why do economists traditionally argue that market power, such as monopoly, is “bad?” How does this connect with Tullock’s argument?
Is rent-seeking only possible in politics or some relationship to the State? Can it exist privately, without any State intervention?
How does the role of time affect rents, or profits?
Are there “good” rents vs. “bad rents?” How do we tell the difference?
Below, you can find the slides in two formats. Clicking the image will bring you to the html version of the slides in a new tab. Note while in going through the slides, you can type h to see a special list of viewing options, and type o for an outline view of all the slides.
The lower button will allow you to download a PDF version of the slides. I suggest printing the slides beforehand and using them to take additional notes in class (not everything is in the slides)!