An example of rent-seeking in a modern economy is spending money on lobbying for government subsidies in order to be given wealth that has already been created, or to impose regulations on competitors, in order to increase one’s own market share.[15] Another example of rent-seeking is the limiting of access to lucrative occupations, as by medieval guilds or modern state certifications and licensures. According to some libertarian perspectives, taxi licensing is a textbook example of rent-seeking.[16] To the extent that the issuing of licenses constrains overall supply of taxi services (rather than ensuring competence or quality), forbidding competition from other vehicles for hire renders the (otherwise consensual) transaction of taxi service a forced transfer of part of the fee, from customers to taxi business proprietors.
The concept of rent-seeking would also apply to corruption of bureaucrats who solicit and extract “bribe” or “rent” for applying their legal but discretionary authority for awarding legitimate or illegitimate benefits to clients.[17] For example, taxpayers may bribe officials to lessen their tax burden.
One would assume they would list… You know… rent, if it applied
You not liking landlords doesn’t change the meaning of words. You can still dislike landlords, and just use words properly.
You seem to have missed the whole part of that article (most of it) about how the expression had its origin in describing the activities of those using land ownership to extract rents.
You know, getting a “rent” for “land”, also known as being a “landlord”.
All that your quote does is confirm the point I made two comments above that “rent-seeker” is group that includes all of “landlord” like “fruit” is group that includes all “apples” - I suppose when you’re willfully blind it’s normal to run around in circles.
What you’re missing is they were literally lords, who literally owned land, and extracted rents from shit like charging to harvest kelp on their shoreline, or charging a toll to navigate down a stream, etc.
Ie. not contributing any benefit (preventing access to a natural resource/mode of travel otherwise possible)
It has nothing to do with providing homes, which is a distinct economic benefit.
This all comes from this very long bit of Adam Smith’s work, which I will link in its entirety and encourage you to read, with the above definition of a literal landlord in mind.
As a similar confusing distinction, though a modern toll road may seem similar to extracting rent to navigate a stream, a modern toll road explicitly addresses the externalities of using the road (ie. Damage to the road), and is a non-negative use of rent seeking.
Modern landlords to not “provide housing”. They extract rent from the use of a house that would otherwise be available to purchase by the renter if not for the landlord holding it for rent extraction. Worse still, since rent seekers compete with homeowners for housing they end up driving up the price, which prices out homeowners and creates the demand for renting to begin with.
Any other “service” a landlord provides would otherwise be levied as those services are provided (like a handyman or contractor being paid for work done to your house). In the case of the landlord, the rent extracted is maximally realized by providing the least amount of service (even none) for the most amount of rent. Rent is completely detached from any actual labor or addition of value.
Misplaced vitriol. What if you don’t want to own? I don’t. I don’t wanna deal with any of that shit like broken ac, leaky roof, mowing the lawn etc. How do I rent if nobody can or will rent to me?
Rent and prices are directly correlated to the same things. Local economy, future outlook, interest rates, the usual stuff.
If you’re pissed off about housing costs that’s another story. If you’re pissed off because a landlord didn’t fix your ac or hot water then that’s another story too. But you just sound like an uneducated crazy person when you go around ranting like a lunatic about rent extraction.
There are other, communally-owned options that would fit that exact function. Housing co-ops are a perfect example and avoid the tempting coercive relationships with private landlords. You can live an apartment that isn’t owned by a landlord. Your inability to see beyond your own direct experience isn’t my responsibility, except as to slap you in the face with it when you decide you don’t want to think about it.
Rent and prices are directly correlated to the same things.
If you’re pissed off about housing costs that’s another story.
Huh, weird, that sounds like two, contradicting statements to me. Yup, rent and market price are absolutely tied together. You buy a house to rent out? That’s one less available to purchase to live in from the housing stock. You buy a bunch of land and build apartments on it? Sure, you just created a bunch of homes to live in! Congratulations. Too bad they aren’t for sale, and now that person owns all the stock in that location, allowing them to lord over those in need of a home.
you just sound like an uneducated crazy person when you go around ranting like a lunatic about rent extraction
Funny, because from my perspective you’re the one in need of an education, otherwise I wouldn’t be ranting about something you don’t understand. If you’re gonna simp for capitalism, at least fuckin’ read something written by the guy who first described it.
Ie. not contributing any benefit (preventing access to a natural resource
So a company builds a house. Instead of selling to the person who will live in that house, a Landlord purchases it at a higher rate (preventing acess to land + shelter) and then rents it to the person who will live there.
The Landlord in this scenario has provided nothing of economic value, and is restricting access to shelter necessary for survival.
You’re so concerned about people using a term incortectly, but you’re failing to follow the conversation. What was said was:
So a company builds a house. Instead of selling to the person who will live in that house, a Landlord purchases it at a higher rate (preventing acess to land + shelter) and then rents it to the person who will live there.
So I don’t know why you’re bringing up apartment buildings. Looks like you’re the one that needs to work on comprehension.
One would assume they would list… You know… rent, if it applied
You not liking landlords doesn’t change the meaning of words. You can still dislike landlords, and just use words properly.
You seem to have missed the whole part of that article (most of it) about how the expression had its origin in describing the activities of those using land ownership to extract rents.
You know, getting a “rent” for “land”, also known as being a “landlord”.
All that your quote does is confirm the point I made two comments above that “rent-seeker” is group that includes all of “landlord” like “fruit” is group that includes all “apples” - I suppose when you’re willfully blind it’s normal to run around in circles.
What you’re missing is they were literally lords, who literally owned land, and extracted rents from shit like charging to harvest kelp on their shoreline, or charging a toll to navigate down a stream, etc.
Ie. not contributing any benefit (preventing access to a natural resource/mode of travel otherwise possible)
It has nothing to do with providing homes, which is a distinct economic benefit.
This all comes from this very long bit of Adam Smith’s work, which I will link in its entirety and encourage you to read, with the above definition of a literal landlord in mind.
https://www.adamsmithworks.org/documents/chapter-xi-of-the-rent-of-land
As a similar confusing distinction, though a modern toll road may seem similar to extracting rent to navigate a stream, a modern toll road explicitly addresses the externalities of using the road (ie. Damage to the road), and is a non-negative use of rent seeking.
Modern landlords to not “provide housing”. They extract rent from the use of a house that would otherwise be available to purchase by the renter if not for the landlord holding it for rent extraction. Worse still, since rent seekers compete with homeowners for housing they end up driving up the price, which prices out homeowners and creates the demand for renting to begin with.
Any other “service” a landlord provides would otherwise be levied as those services are provided (like a handyman or contractor being paid for work done to your house). In the case of the landlord, the rent extracted is maximally realized by providing the least amount of service (even none) for the most amount of rent. Rent is completely detached from any actual labor or addition of value.
Misplaced vitriol. What if you don’t want to own? I don’t. I don’t wanna deal with any of that shit like broken ac, leaky roof, mowing the lawn etc. How do I rent if nobody can or will rent to me?
Rent and prices are directly correlated to the same things. Local economy, future outlook, interest rates, the usual stuff.
If you’re pissed off about housing costs that’s another story. If you’re pissed off because a landlord didn’t fix your ac or hot water then that’s another story too. But you just sound like an uneducated crazy person when you go around ranting like a lunatic about rent extraction.
There are other, communally-owned options that would fit that exact function. Housing co-ops are a perfect example and avoid the tempting coercive relationships with private landlords. You can live an apartment that isn’t owned by a landlord. Your inability to see beyond your own direct experience isn’t my responsibility, except as to slap you in the face with it when you decide you don’t want to think about it.
Huh, weird, that sounds like two, contradicting statements to me. Yup, rent and market price are absolutely tied together. You buy a house to rent out? That’s one less available to purchase to live in from the housing stock. You buy a bunch of land and build apartments on it? Sure, you just created a bunch of homes to live in! Congratulations. Too bad they aren’t for sale, and now that person owns all the stock in that location, allowing them to lord over those in need of a home.
Funny, because from my perspective you’re the one in need of an education, otherwise I wouldn’t be ranting about something you don’t understand. If you’re gonna simp for capitalism, at least fuckin’ read something written by the guy who first described it.
So a company builds a house. Instead of selling to the person who will live in that house, a Landlord purchases it at a higher rate (preventing acess to land + shelter) and then rents it to the person who will live there.
The Landlord in this scenario has provided nothing of economic value, and is restricting access to shelter necessary for survival.
People who rent are not generally people who can purchase houses
Is the landlord profiting of the rent? Then the person who is paying the rent could afford the costs of the house if they didn’t have to pay rent.
Not if they can’t get a loan they can’t. Not if it’s a fucking apartment building.
Seriously you guys are gonna have a weird time in the real world.
You’re so concerned about people using a term incortectly, but you’re failing to follow the conversation. What was said was:
So I don’t know why you’re bringing up apartment buildings. Looks like you’re the one that needs to work on comprehension.