Table of Contents

Companion to the Political Economy of Rent Seeking

Companion to the Political Economy of Rent Seeking

Edited by Roger D. Congleton and Arye L. Hillman

The quest for benefit from existing wealth or by seeking privileged benefit through influence over policy is known as rent seeking. Much rent seeking activity involves government and political decisions and is therefore in the domain of political economy, although it can also take place in personal relations and within firms and bureaucracies. Rent seeking, which involves the unproductive use of resources, is however primarily associated with policies that create rents as well as rent extraction or political benefit for the creators of rents. The contributions in this outstanding volume provide an accompaniment or “companion” to the literature on rent seeking and the related political economy of rent creation and extraction. The chapters, written by leading scholars in the field, demonstrate the centrality of rent-related incentives to the study of economics, politics, culture, public administration and history.

Chapter 18: Profit seeking and rent seeking in the United States and Europe

Dennis C. Mueller

Subjects: economics and finance, political economy, public choice theory, politics and public policy, political economy, public choice

Extract

This chapter describes and compares profit seeking and rent seeking, and rent protection, in Europe and the United States, where historical and cultural differences have resulted in different attitudes to the role of the state. In Europe the state has had an accepted, quite consensual, role as creator and protector of rents for workers and also for producers. In the United States such rent creation and rent protection by government has not been consensual and has been more contested.

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