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by fauigerzigerk
731 days ago
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True. The distinction is just not always as obvious, because rent seekers often don't start out as rent seekers. They usually gain market share based on merit. Over time, structural factors such as network effects allow them to grow the rent-seeking part of their income while the merit based part declines. Rent-seeking is a very entrenched idea though. Even the tiniest bit of merit in the distant past is enough to justify renting out inherited land for instance. |
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