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In economics, a ‘‘rent’’ is money you make because you control something scarce and desirable, whether it’s an oil field or a monopolistic position in a market. There is a bit of ‘‘rent’’ in nearly every transaction. When you pay rent on an apartment, some of the money is for the value the landlord has added to the property, by upgrading the kitchen, say. But much of the money your landlord makes comes from the fact that he or she controls property in a desirable location. If you think of the transactions that make people the most frustrated, they are, most likely, rent-seeking transactions in which some force is imposing a better ‘‘deal’’ for one party. Your cable service costs more and is less responsive because local monopoly allows the company to make a better ‘‘deal’’ for itself. The owner of the local pro-sports team can make a ‘‘deal’’ with the city for a new stadium, or else the team packs up and leaves town. Without real competition, one or both sides of a rent-seeking transaction lack leverage, and so decisions can be hashed out only by powerful people making deals in back rooms.


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In economics, a ‘‘rent’’ is money you make because you control something scarce and desirable, whether it’s an oil field or a monopolistic position in a market. There is a bit of ‘‘rent’’ in nearly every transaction. When you pay rent on an apartment, some of the money is for the value the landlord has added to the property, by upgrading the kitchen, say. But much of the money your landlord makes comes from the fact that he or she controls property in a desirable location. If you think of the transactions that make people the most frustrated, they are, most likely, rent-seeking transactions in which some force is imposing a better ‘‘deal’’ for one party. Your cable service costs more and is less responsive because local monopoly allows the company to make a better ‘‘deal’’ for itself. The owner of the local pro-sports team can make a ‘‘deal’’ with the city for a new stadium, or else the team packs up and leaves town. Without real competition, one or both sides of a rent-seeking transaction lack leverage, and so decisions can be hashed out only by powerful people making deals in back rooms.


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In economics, a ‘‘rent’’ is money you make because you control something scarce and desirable, whether it’s an oil field or a monopolistic position in a market. There is a bit of ‘‘rent’’ in nearly every transaction. When you pay rent on an apartment, some of the money is for the value the landlord has added to the property, by upgrading the kitchen, say. But much of the money your landlord makes comes from the fact that he or she controls property in a desirable location. If you think of the transactions that make people the most frustrated, they are, most likely, rent-seeking transactions in which some force is imposing a better ‘‘deal’’ for one party. Your cable service costs more and is less responsive because local monopoly allows the company to make a better ‘‘deal’’ for itself. The owner of the local pro-sports team can make a ‘‘deal’’ with the city for a new stadium, or else the team packs up and leaves town. Without real competition, one or both sides of a rent-seeking transaction lack leverage, and so decisions can be hashed out only by powerful people making deals in back rooms.
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In economics, a ‘‘rent’’ is money you make because you control something scarce and desirable, whether it’s an oil field or a monopolistic position in a market. There is a bit of ‘‘rent’’ in nearly every transaction. When you pay rent on an apartment, some of the money is for the value the landlord has added to the property, by upgrading the kitchen, say. But much of the money your landlord makes comes from the fact that he or she controls property in a desirable location. If you think of the transactions that make people the most frustrated, they are, most likely, rent-seeking transactions in which some force is imposing a better ‘‘deal’’ for one party. Your cable service costs more and is less responsive because local monopoly allows the company to make a better ‘‘deal’’ for itself. The owner of the local pro-sports team can make a ‘‘deal’’ with the city for a new stadium, or else the team packs up and leaves town. Without real competition, one or both sides of a rent-seeking transaction lack leverage, and so decisions can be hashed out only by powerful people making deals in back rooms.





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