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View Diary: Wall Street is Doing it Again: The Looting of America Continues (128 comments)

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  •  Yes, known as "rent-seeking" (4+ / 0-)
    A simple definition of rent seeking is spending resources in order to gain by increasing one's share of existing wealth, instead of trying to create wealth. The net effect of rent-seeking is to reduce total social wealth, because resources are spent and no new wealth is created. It is important to distinguish rent-seeking from profit-seeking. Profit-seeking is the creation of wealth, while rent-seeking is the use of social institutions such as the power of government to redistribute wealth among different groups without creating new wealth.[1]

    http://en.wikipedia.org/...

    Everybody got to elevate from the norm....

    by Icicle68 on Fri Feb 01, 2013 at 09:09:50 AM PST

    [ Parent ]

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