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Rent Extraction
Rent extraction () is a notion formulated by American jurist Fred S. Mcchesney (1948–2017) in his 1987 essay ''Rent Extraction and Rent Creation in the Economic Theory of Regulation''. It refers to the phenomenon by which entrepreneurial politicians take advantage of the threat of implementing new regulations to obtain political support from interest groups that want to be free from regulatory interference. This strategy is in particular useful when a group has made specific capital investments that can be expropriated in the political process. "Rent extraction" means the ability of lawmakers to squeeze payments (i.e. "rents") in some form in exchange for favorable legislation. The term presents a conscious, welfare maximization strategy by individual Politician, statespersons. It emerges when political decision makers derive benefits from the rents they generate. And the beneficiaries of rent extraction can also be local governments at all levels and the private individuals. R ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cambridge University Press
Cambridge University Press was the university press of the University of Cambridge. Granted a letters patent by King Henry VIII in 1534, it was the oldest university press in the world. Cambridge University Press merged with Cambridge Assessment to form Cambridge University Press and Assessment under Queen Elizabeth II's approval in August 2021. With a global sales presence, publishing hubs, and offices in more than 40 countries, it published over 50,000 titles by authors from over 100 countries. Its publications include more than 420 academic journals, monographs, reference works, school and university textbooks, and English language teaching and learning publications. It also published Bibles, runs a bookshop in Cambridge, sells through Amazon, and has a conference venues business in Cambridge at the Pitt Building and the Sir Geoffrey Cass Sports and Social Centre. It also served as the King's Printer. Cambridge University Press, as part of the University of Cambridge, was a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Politician
A politician is a person who participates in Public policy, policy-making processes, usually holding an elective position in government. Politicians represent the people, make decisions, and influence the formulation of public policy. The roles or duties that politicians must perform vary depending on the level of government they serve, whether Local government, local, national, or international. The ideological orientation that politicians adopt often stems from their previous experience, education, beliefs, the political parties they belong to, or public opinion. Politicians sometimes face many challenges and mistakes that may affect their credibility and ability to persuade. These mistakes include political corruption resulting from their misuse and exploitation of power to achieve their interests, which requires them to prioritize the public interest and develop long-term strategies. Challenges include how to keep up with the development of social media and confronting biase ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Factors Of Production
In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, goods and services. The utilised amounts of the various inputs determine the quantity of output according to the relationship called the production function. There are four ''basic'' resources or factors of production: land, labour, capital and entrepreneur (or enterprise). The factors are also frequently labeled "producer goods or services" to distinguish them from the goods or services purchased by consumers, which are frequently labeled "consumer goods". There are two types of factors: ''primary'' and ''secondary''. The previously mentioned primary factors are land, labour and capital. Materials and energy are considered secondary factors in classical economics because they are obtained from land, labour, and capital. The primary factors facilitate production but neither become part of the product (as with raw materials) nor become significantly tran ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rent-setting
Rent-setting (also spelled as rent setting; ), also known as rent-creating, refers to the act of governments or bureaucrats using their power to intervene in the market, resulting in the formation of new economic rents and creating rent-seeking opportunities for certain market entities. In short, it means that the power itself committed an act in order to take a bribe. The concept of rent-setting was coined by Appelbaum and Katz in 1987. This theory holds that since the regulator itself may become a rent-seeker, the rent-seeker itself will become a rent-setter and thus endogenously determine the size of the rent. Rent-setting is part of the chain of the rent-seeking process. It can generally be divided into three types: unintentional rent-setting, passive rent-setting and active rent-setting. In a 'power-money' transaction, rent-setting is from 'power' to 'money', while rent-seeking is often 'money-power-money increment'. In fact, rent seeking and rent setting are two sides ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rent-seeking
Rent-seeking is the act of growing one's existing wealth by manipulating the social or political environment without creating new wealth. Rent-seeking activities have negative effects on the rest of society. They result in reduced economic efficiency through misallocation of resources, stifled competition, reduced wealth creation, lost government revenue, heightened income inequality, heightened debt levels, risk of growing corruption and cronyism, decreased public trust in institutions, and potential national decline. Successful capture of regulatory agencies (if any) to gain a coercive monopoly can result in advantages for rent-seekers in a market while imposing disadvantages on their uncorrupt competitors. This is one of many possible forms of rent-seeking behavior. Theory The term "rent", in the narrow sense of land rent, was coined by the British 19th-century economist David Ricardo, but rent-seeking only became the subject of durable interest among economists an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Routledge
Routledge ( ) is a British multinational corporation, multinational publisher. It was founded in 1836 by George Routledge, and specialises in providing academic books, academic journals, journals and online resources in the fields of the humanities, behavioral science, behavioural science, education, law, and social science. The company publishes approximately 1,800 journals and 5,000 new books each year and their backlist encompasses over 140,000 titles. Routledge is claimed to be the largest global academic publisher within humanities and social sciences. In 1998, Routledge became a subdivision and Imprint (trade name), imprint of its former rival, Taylor & Francis, Taylor & Francis Group (T&F), as a result of a £90-million acquisition deal from Cinven, a venture capital group which had purchased it two years previously for £25 million. Following the merger of Informa and T&F in 2004, Routledge became a publishing unit and major imprint within the Informa "academic publishing ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oxford University Press
Oxford University Press (OUP) is the publishing house of the University of Oxford. It is the largest university press in the world. Its first book was printed in Oxford in 1478, with the Press officially granted the legal right to print books by decree in 1586. It is the second-oldest university press after Cambridge University Press, which was founded in 1534. It is a department of the University of Oxford. It is governed by a group of 15 academics, the Delegates of the Press, appointed by the Vice Chancellor, vice-chancellor of the University of Oxford. The Delegates of the Press are led by the Secretary to the Delegates, who serves as OUP's chief executive and as its major representative on other university bodies. Oxford University Press has had a similar governance structure since the 17th century. The press is located on Walton Street, Oxford, Walton Street, Oxford, opposite Somerville College, Oxford, Somerville College, in the inner suburb of Jericho, Oxford, Jericho. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Rent
In economics, economic rent is any payment to the owner of a factor of production in excess of the costs needed to bring that factor into production. In classical economics, economic rent is any payment made (including imputed value) or benefit received for non-produced inputs such as location (land) and for assets formed by creating official privilege over natural opportunities (e.g., patents). In the moral economy of neoclassical economics, assuming the market is natural, and does not come about by state and social contrivance, economic rent includes income gained by labor or state beneficiaries or other "contrived" exclusivity, such as labor guilds and unofficial corruption. Overview In the moral economy of the economics tradition broadly, economic rent is distinct from producer surplus, or normal profit, both of which are theorized to involve productive human action. Economic rent is also independent of opportunity cost, unlike economic profit, where opportunity c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rent Seeking
Rent-seeking is the act of growing one's existing wealth by manipulating the social or political environment without creating new wealth. Rent-seeking activities have negative effects on the rest of society. They result in reduced economic efficiency through misallocation of resources, stifled competition, reduced wealth creation, lost government revenue, heightened income inequality, heightened debt levels, risk of growing corruption and cronyism, decreased public trust in institutions, and potential national decline. Successful capture of regulatory agencies (if any) to gain a coercive monopoly can result in advantages for rent-seekers in a market while imposing disadvantages on their uncorrupt competitors. This is one of many possible forms of rent-seeking behavior. Theory The term "rent", in the narrow sense of land rent, was coined by the British 19th-century economist David Ricardo, but rent-seeking only became the subject of durable interest among economists and po ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Edward Elgar Publishing
Edward Elgar Publishing is a global publisher of academic books, journals and online resources in the social sciences and law. The company also publishes a social science and law blog with regular contributions from leading scholars. About Edward Elgar Publishing, founded in 1986, is an independent family-owned international publisher, with offices in Cheltenham and Camberley in the UK and Northampton, Massachusetts, in the USA. It specializes in the academic and professional market and publishes in the field of economics, law, management studies, public policy and social policy and the environment. The company has over 6,500 book titles in print and publishes more than 500 new titles a year. History The first Edward Elgar Publishing book titles were published in 1987 and included ''The Economics of Education and the Education of an Economist'' by Mark Blaug, ''The Economic Revival of Modern Britain'' by David Coates and John Hillard, and ''Economic Choice Under Uncertain ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Harvard University Press
Harvard University Press (HUP) is an academic publishing house established on January 13, 1913, as a division of Harvard University. It is a member of the Association of University Presses. Its director since 2017 is George Andreou. The press maintains offices in Cambridge, Massachusetts, near Harvard Square, and in London, England. The press co-founded the distributor TriLiteral LLC with MIT Press and Yale University Press. TriLiteral was sold to LSC Communications in 2018. Notable authors published by HUP include Eudora Welty, Walter Benjamin, E. O. Wilson, John Rawls, Emily Dickinson, Stephen Jay Gould, Helen Vendler, Carol Gilligan, Amartya Sen, David Blight, Martha Nussbaum, and Thomas Piketty. The Display Room in Harvard Square, dedicated to selling HUP publications, closed on June 17, 2009. Related publishers, imprints, and series HUP owns the Belknap Press imprint (trade name), imprint, which it inaugurated in May 1954 with the publication of the ''Harvard Guide to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Bar Association
The Federal Bar Association (FBA) is the primary voluntary professional organization for private and government lawyers and judges practicing and sitting in federal courts in the United States. Six times a year, the FBA prints ''The Federal Lawyer'', which includes the latest news of interest to the federal legal community. The magazine features articles by attorneys and judges, book reviews, the latest Supreme Court rulings, judicial profiles, and thorough coverage of FBA activities. Background The Federal Bar Association is an income tax exempt ( 501-C6) organization, founded in 1920. The purpose of the FBA is: *To serve as the national representative of the Federal legal profession; *To promote the sound administration of justice; *To enhance the professional growth and development of members of the Federal legal profession; *To promote high standards of professional competence and ethical conduct in the Federal legal profession; *To promote the welfare of attorneys and j ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
