rent-seeking

Definition

Using political influence to increase one's wealth without creating new value—manipulating regulations, seeking subsidies, or lobbying for favorable rules. It's capitalism's laziest form: rigging the game instead of playing it.

Example Usage

The industry's rent-seeking behavior included lobbying for tariffs that raised consumer prices while padding their profit margins.

Origin

Coined by economist Gordon Tullock in 1967, popularized by Anne Krueger in 1974 in public choice theory.

Fun Fact

Economists estimate that rent-seeking through lobbying and regulatory capture costs the U.S. economy hundreds of billions annually in deadweight losses and inefficiency.

Source: Public choice economics terminology

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