Download or read book Rent Seeking Capital Accumulation and Macroeconomic Growth written by Ben J. Heijdra and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the effects of time-using rent-seeking activities on the macroeconomic allocation and the economic growth rate. We formulate a highly stylized three-sector general equilibrium model with overlapping generations of individuals. The production side features one sector producing the capital good and two consumption goods sectors. All sectors operate under constant returns to scale technology with human and physical capital as inputs. One of the consumption goods sectors is a monopoly, where a continuum of agents compete for a share of monopoly profits. Agents are heterogeneous in their (intrinsically useless) rent-seeking ability. In the benchmark model each agent decides during youth on how much time to spend on lobbying activities, education, and production work. An intergenerational human capital externality of the 'shoulders of giants' type ensures that the model features endogenous growth. The rewards to rent-seeking accrue during youth and part of the additional income is saved. Interestingly, a move from a perfectly competitive economy to one involving monopolization and rent-seeking increases the steady-state economic growth rate in the benchmark model. We identify three main mechanisms affecting the growth rate under monopoly and rent-seeking, namely (a) the phase of life at which the rent-seeking booty is received (youth or old-age), (b) the kind of inputs used in the rent-seeking competition (raw time or education level), and (c) the type of growth engine (human or physical capital externality). The conclusions for the benchmark model are robust to changes in the mechanisms for (b) and (c) but not for (a). If rent-seeking rewards accrue during old-age then the move from a perfectly competitive economy to one involving monopolization and rent-seeking decreases the steady-state economic growth rate.
Download or read book Rent Seekers Profits Wages and Inequality written by Péter Mihályi and published by Springer. This book was released on 2018-12-29 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mihályi and Szelényi provide a timely contribution to contemporary debates about inequality of incomes and wealth, offering a careful examination of various sources of rent in contemporary societies, and considering several policy options to reduce inequality in order to preserve the meritocratic nature of liberal democracies. While Rent-Seekers, Profits, Wages and Inequality acknowledges the rapid and disturbing increase of incomes and wealth in the top 1 or 0.1%, it focuses on the increasing rent component of incomes and wealth in the top 20% as even more consequential. The attention to cutting-edge issues on inequality in macroeconomics, political science and sociology will appeal to social scientists interested in income distribution and wealth accumulation.
Download or read book Rent Seeking and Human Capital written by Kurt von Seekamm Jr. and published by Routledge. This book was released on 2020-11-18 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Rent Seeking and Human Capital: How the Hunt for Rents Is Changing Our Economic and Political Landscape explores the debates around rent seeking and contextualizes it within the capitalist economy. It is vital that the field of economics does a better job of analyzing and making policy recommendations that reduce the opportunities and rewards for rent seeking, generating returns from the redistribution of wealth rather than wealth creation. This short and provocative book addresses the key questions: Who are the rent seekers? What do they do? Where do they come from? What are the consequences of rent seeking for the broader economy? And, finally: What should policymakers do about them? The chapters examine the existing literature on rent seeking, including looking at the differences between rent seeking and economic rent. The work provides an in-depth look at the case of the impact of rent seeking degrees in the United States, particularly in business and law, and explores potential policy remedies, such as a wealth tax, changes to the rules on financial transactions, and patent law reform. This text provides an important intervention on rent seeking for students and scholars of heterodox economics, political economy, inequality, and anyone interested in the shape of the modern capitalist economy.
Download or read book Rent seeking and economic growth written by Martín Rama and published by . This book was released on 1992 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on the Macroeconomic Impacts of Rent Seeking written by Kurt Von Seekamm and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Chapter 1 of this dissertation focuses on the political economy of rent seeking. Using trading in financial markets, patent litigation and managerial privilege as descriptive examples from the modern economy, it identifies situations where rent seeking opportunities occur. The challenge of correctly distinguishing between productive activities and rent seeking activities demonstrate the empirical challenges of examining rent seeking. This chapter also suggests that in addition to the opportunity cost of physical capital, modern rent seeking has a significant opportunity cost in the form of the misallocation of human capital. Chapter 2 explores the relationship between increased rent seeking, aggregate demand, and economic growth. A mature economy Post-Keynesian model is developed to include the existence of economic rents. Two cases are explored. The first assumes a fixed markup and a flexible rate of capacity utilization along the balanced growth path. The second allows for a flexible markup and a fixed rate of capacity utilization. In both cases, the existence of rent seeking has negative effects on the long-run rate of low-skill employment and negative level effects through the redistribution of high-skill workers. Using IPEDS data on degree completions by field of study for the 48 contiguous states from 1990-2010, chapter 3 uses the composition of postsecondary degree completions by major field of study as an indicator of the degree of rent seeking. Increases in the level of rent seeking are shown to have negative effects on the growth rate of real personal income per capita. A stylized growth model shows how rent seeking regimes can explain the empirical results.
Download or read book Rent Intensity and Economic Performance written by Raul V. Fabella and published by . This book was released on 1993 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Institutions and Market Economies written by W. Garside and published by Springer. This book was released on 2007-11-09 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a timely reminder of the more fundamental determinants of capital accumulation and innovation. It provides a mixture of conceptual, empirical, historical and methodological approaches to the relationship between institutions, institutional change and economic development.
Download or read book Rents Rent Seeking and Economic Development written by Mushtaq Husain Khan and published by Cambridge University Press. This book was released on 2000-09-07 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: The concepts of rents and rent-seeking are central to any discussion of the processes of economic development. Yet conventional models of rent-seeking are unable to explain how it can drive decades of rapid growth in some countries, and at other times be associated with spectacular economic crises. This book argues that the rent-seeking framework has to be radically extended by incorporating insights developed by political scientists, institutional economists and political economists if it is to explain the anomalous role played by rent-seeking in Asian countries. It includes detailed analysis of Thailand, Malaysia, the Philippines, the Indian sub-continent, Indonesia and South Korea. This new critical and multidisciplinary approach has important policy implications for the debates over institutional reform in developing countries. It brings together leading international scholars in economics and political science, and will be of great interest to readers in the social sciences and Asian studies in general.
Download or read book Rent Seeking and Capital Accumulation written by Paulo Barelli and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A general model incorporating rent-seeking activities in the standard neoclassical model of capital accumulation is presented. The welfare of the representative agent is negatively affected by the efficiency of rent-seeking activities. Although intuitive, this result is not obvious because long-run income can be positively affected by more efficient rent-seeking activities. The model is used to provide explanations for some recent experiences in developing countries, including the relative poor performance of economies that experience a move to a more decentralized system and the observed path of total factor productivity (TFP) in countries like Ireland and Venezuela.
Download or read book The Determinants of Economic Growth written by Maaike S. Oosterbaan and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: Determinants of economic growth: An overview Thijs de Ruyter van Steveninck, Nico van der Windt, and Maaike Oosterbaan Netherlands Economic Institute What causes economic growth? Why have some countries grown much faster than others? Why do some countries not grow at all, or even experience negative (per capita) growth rates? What can governments do to raise the growth rates of their country? These questions were discussed at a conference on March 23 and 24, 1998, organized by the Netherlands Economic Institute (NEI) on behalf of the Netherlands Ministry of Foreign Affairs. This book contains the proceedings of the conference. Economic growth is widely considered as a necessary (though not sufficient) condition for poverty alleviation. During the past two decades, scholars and researchers have found a renewed interest in thinking about economic growth, and advances in the understanding of economic growth have taken place. On the one hand, the theoretical understanding of growth has progressed on various fronts, including endogenous technological innovation and increasing returns to scale; the interaction of population, fertility, human capital, and growth; international spill-overs in technology and capital accumulation; and the role of institutions. On the other hand, the increasing availability and use of data sets has given a large incentive to empirical research on cross-country growth, following the path-breaking work ofBarro (1991).
Download or read book The Political Economy of Rent Seeking and Economic Growth written by Richard L. Carson and published by . This book was released on 2009 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Macroeconomics of Corruption written by Maksym Ivanyna and published by Springer Nature. This book was released on 2021-04-20 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: This textbook examines corruption through a macroeconomic lens, exploring the relationship between corruption, fiscal policy, and political economy. It merges macroeconomic growth models with elements of political economic theory to address important applied topics such as income inequality within and across countries, growth slowdowns, and fiscal crises. Revised and updated to include new research findings and recent policy discussions, the second edition contains 15 new sections and 2 new chapters on topics such as public defaults, the wage elasticity of work and the interest elasticity of saving, and the economic and fiscal impact of the 2020 pandemic. Most of the basic ideas are illustrated using a two-period model of government investment that captures the future cost of policies that favor the present. The more subtle and advanced issues are illustrated and, in some cases, quantified, using the overlapping-generations model of economic growth. The models used to illustrate the mechanisms of economic growth are extended to incorporate politics and the behavior of public official. The text concludes with a thorough discussion of policy reforms designed to address the issues discussed in earlier chapters. Intended for students familiar with intermediate-level economics, the second edition contains a technical appendix, expanded end-of-chapter questions and problems, and a complete solutions manual. The second edition also offers updated resources for instructors, including sample syllabi and over 550 multiple choice questions. Offering a unified explanation for the causes and consequences of government failure, fiscal crisis, and needed policy reforms, this text is appropriate for advanced undergraduate and beginning graduate courses in macroeconomics, political economy, and public policy.
Download or read book Handbook of Economic Growth written by Philippe Aghion and published by . This book was released on 2005 with total page 1150 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Volumes 2A and 2B of The Handbook of Economic Growth summarize recent advances in theoretical and empirical work while offering new perspectives on a range of growth mechanisms, from the roles played by institutions and organizations to the ways factors beyond capital accumulation and technological change can affect growth. Written by research leaders, the chapters summarize and evaluate recent advances while explaining where further research might be profitable. With analyses that are provocative and controversial because they are so directly relevant to public policy and private decision-making, these two volumes uphold the standard for excellence in applied economics set by Volumes 1A and 1B (2005)"--P. 4 of cover.
Download or read book Concrete Economics written by Stephen S. Cohen and published by Harvard Business Review Press. This book was released on 2016-02-09 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: “an excellent new book” — Paul Krugman, The New York Times History, not ideology, holds the key to growth. Brilliantly written and argued, Concrete Economics shows how government has repeatedly reshaped the American economy ever since Alexander Hamilton’s first, foundational redesign. This book does not rehash the sturdy and long-accepted arguments that to thrive, entrepreneurial economies need a broad range of freedoms. Instead, Steve Cohen and Brad DeLong remedy our national amnesia about how our economy has actually grown and the role government has played in redesigning and reinvigorating it throughout our history. The government not only sets the ground rules for entrepreneurial activity but directs the surges of energy that mark a vibrant economy. This is as true for present-day Silicon Valley as it was for New England manufacturing at the dawn of the nineteenth century. The authors’ argument is not one based on abstract ideas, arcane discoveries, or complex correlations. Instead it is based on the facts—facts that were once well known but that have been obscured in a fog of ideology—of how the US economy benefited from a pragmatic government approach to succeed so brilliantly. Understanding how our economy has grown in the past provides a blueprint for how we might again redesign and reinvigorate it today, for such a redesign is sorely needed.
Download or read book The Theory of Economic Growth written by Neri Salvadori and published by Edward Elgar Publishing. This book was released on 2003 with total page 838 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a collection of work on the theory of economic growth, from a classical perspective.
Download or read book The Rise and Fall of the Wealth of Nations written by Manfred Neumann and published by Edward Elgar Publishing. This book was released on 1997 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work explains long waves of economic activity and the rivalry of nations for leadership. It considers this concept and its characteristics, and discusses the idea that a change in economic leadership of a nation occurs after nations reach the height of their influence.
Download or read book Macroeconomics written by David Miles and published by . This book was released on 2002 with total page 712 pages. Available in PDF, EPUB and Kindle. Book excerpt: Authors Miles and Scott use a wide range of topics and advanced economic theory in a manner that is accessible to someone taking a single course in macroeconomics. They discuss real world economic issues and describe why these issues matter before discussing economic theory. In explaining why certain economic events occur, the authors utilize logical economic thinking, introducing models only after the real world problem of interest has first been discussed. The authors focus on the data and detail of the world economy and use of this material as an entry point into the world of theory. Topics include: why some countries are richer than others; what makes nations grow over time; how economies fluctuate between booms and recessions; and how interest rates and monetary policy should be set. A distinctive feature of this text is its focus on the international economy with an extensive analysis of exchange rates and global capital markets. The final section explores the links between financial markets, such as bond, equity, and property markets, and the rest of the economy--From publisher description.
