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Rent Seeking

  • Gordon Tullock
Part of the The New Palgrave book series (NPA)

Abstract

The term ‘rent-seeking’ was introduced by Ann O. Krueger (1974), but the relevant theory had already been developed by Gordon Tullock (1967). The basic and very simple idea is best explained by reference to Figure 1. On the horizontal axis we have as usual the quantity of some commodity sold, on the vertical axis its price. Under competitive conditions the cost would be the line labelled PP and that would also be its price. Given a demand curve, DD, quantity Q would be sold at that price. If a monopoly were organized, it would sell Q′ units at a price of P′.

Keywords

Social Cost Demand Curve Total Investment Rent Seek Lobbying Activity 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Bibliography

  1. Buchanan, J., Tollison, R. and Tullock, G. (eds) 1980. Toward a Theory of the Rent-Seeking Society. College Station, Texas: Texas A and M University Press.Google Scholar
  2. Krueger, A.O. 1974. The political economy of the rent-seeking society. American Economic Review 64, 291–303.Google Scholar
  3. Tullock, G. 1967. The welfare cost of tariffs, monopolies, and theft. Western Economic Journal (now Economic Inquiry) 5, 224–32.Google Scholar
  4. Tullock, G. 1980. Efficient rent seeking. In Buchanan, Tollison and Tullock (eds), 91–112.Google Scholar

Copyright information

© Palgrave Macmillan, a division of Macmillan Publishers Limited 1991

Authors and Affiliations

  • Gordon Tullock

There are no affiliations available

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