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Rent Seeking, Technology Commitment, and Economic Development

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  • Chun-Lei Yang
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    Abstract

    Real-world rent seeking has been a puzzle to political economists, as they cannot observe as much direct social cost as commonly believed. In this paper, we identify socially inefficient technology commitment as a device for rent seekers to improve their positions in a zero-dissipation contest. We show that the domestic industry may forgo innovation opportunities which would be optimal decisions without rent-seeking uncertainty. This analysis also explains some conspicuous features of the farm subsidy programs in the US. We conclude by discussing rent-seeking's dynamic implication: the retarding of economic development.

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    Bibliographic Info

    Article provided by Mohr Siebeck, Tübingen in its journal Journal of Institutional and Theoretical Economics.

    Volume (Year): 154 (1998)
    Issue (Month): 4 (December)
    Pages: 640-

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    Handle: RePEc:mhr:jinste:urn:sici:0932-4569(199812)154:4_640:rstcae_2.0.tx_2-l

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    Cited by:
    1. Kabiraj, Tarun & Yang, Chun-Lei, 2001. "Licensing vs. Innovation incentives under uncertain government policies," International Review of Economics & Finance, Elsevier, vol. 10(3), pages 247-261, July.

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