Theoretical Implications of 'High Rent'
Sociological Forum 33, no. 2 (2018): 529-538
Posted: 20 Jun 2018
Date Written: 2018
There are abundant examples of relatively small lobbying expenditures yielding very high returns. At the same time, lobbying is not very widespread. This article considers lobbying as a form of rent seeking and addresses the question raised previously by economists as to why more rent seeking does not occur, given the very high payoffs that it may garner. It looks at various reasons that might explain why rent seeking is not very prevalent, but the article finds them unsatisfactory. It is suggested that, instead of mainstream economic theory, a new theoretical approach may be required to understand this phenomenon.
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