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by sooheon
1776 days ago
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Efforts to obtain monopoly rent ("supernormal profits by restricting output and hence increasing prices above its perfectly competitive level."[1]) is a subset of rent-seeking. The problem again, isn't the wealth itself, it is the fact that wealth is being expended to seek monopoly rent at great social cost. [1] https://www.tcd.ie/Economics/assets/pdf/SER/1995/Alan_Dunne.... |
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