Research into rent-seeking is now so extensive that it is difficult fully to appreciate that the insight itself was absent as late as 1966 (Tullock, 1967) and that the phrase itself was not coined until 1974 (Krueger). Within the short span of twenty years, scholarship employing the rent-seeking concept has developed into a major research program, achieved an almost dominant role in public choice, and attained a significant foothold in the literature of economics, political science and law and economics. At the time of this writing, the concept is poised to penetrate more popular thinking. Although it is not yet the standard fare of congressional speeches or of Wall Street Journal editorials, the time for such invasions is excitingly close.
KeywordsPublic Choice Rent Dissipation Private Rent Constitutional Political Economy Legal Innovation
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