More or less? Actually it’s more like extortion as written, but generally speaking rent seeking is buying something that you can get others to pay you for regularly. Like “hey, this land has oil, I’ll buy it and lease the oil rights” or “hey, this land has a house on it that people like to live in, I’ll buy it and lease the habitation rights”.
Is this what rent seeking is? I’ve always had a hard time understanding that term.
More or less? Actually it’s more like extortion as written, but generally speaking rent seeking is buying something that you can get others to pay you for regularly. Like “hey, this land has oil, I’ll buy it and lease the oil rights” or “hey, this land has a house on it that people like to live in, I’ll buy it and lease the habitation rights”.