Re:Challenging the myth that the rich are specially-talented...
by force_reboot on Sunday May 29, 2016 @01:13PM
(#11797139)
You are are applying the standard definition of rent/rent seeking used by economists. But MichaelBurge's post is using the language of the original article, which claims that renting out an apartment, or making capital gains from a business, "rent seeking".
So MichaelBurge is making a valid critique of the original article, whether or not the article was correct in using the term "rent seeking"
Re:Challenging the myth that the rich are specially-talented...
by aoeusnth1 on Sunday May 29, 2016 @01:10PM
(#11797121)
The original article is naively expanding the definition to include simply "owning things which are worth money/time", i.e. the time value of money is somehow rent-seeking corruption.
https://en.wikipedia.org/wiki/Rent-seeking
https://en.wikipedia.org/wiki/Economic_rent
It refers to the economic consequences of things like regulatory capture and corruption.