Kurt von Seekamm, Jr.

Abstract

Rent seeking has once again become an important topic in economics. However, rent seeking poses challenges that standard economic theory is not well equipped to handle. This paper develops a working definition of rent seeking that can be applied to post-Keynesian growth models. The main finding is that, in a post-Keynesian framework, rent seeking will have an effect on income distribution and average productivity. In addition, increases in rent seeking can have undesirable effects on the distribution of talent.

Keywords

Rent seeking, post-Keynesian economics, macroeconomics, human capital

From: Review of Radical Political Economics 49 (4)

Editor: Wang Yi