{"title":"Rent-Seeking Behavior and Economic Justice: A Classroom Exercise.","authors":"Aaron Pacitti, Michael Cauvel","doi":"10.1057/s41302-022-00225-y","DOIUrl":null,"url":null,"abstract":"<p><p>Rent-seeking behavior is when individuals or firms acquire above-market returns by exercising economic and political power. We introduce an active-learning exercise, with discussion questions and extensions, to illustrate implications of rent seeking for efficiency, equity, economic justice, and democracy. Students act as corporate decision makers allocating resources among physical, financial, and political investment. Instructors use the results to highlight distinctions between productive and nonproductive activities, and ways in which individual firm incentives may differ from socially optimal firm behavior. This allows for discussions of broader issues, such as how rent seeking can undermine democratic ideals and perpetuate inequality.</p>","PeriodicalId":1,"journal":{"name":"Accounts of Chemical Research","volume":null,"pages":null},"PeriodicalIF":16.4000,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9589811/pdf/","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Accounts of Chemical Research","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1057/s41302-022-00225-y","RegionNum":1,"RegionCategory":"化学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"2022/10/21 0:00:00","PubModel":"Epub","JCR":"Q1","JCRName":"CHEMISTRY, MULTIDISCIPLINARY","Score":null,"Total":0}
引用次数: 0
Abstract
Rent-seeking behavior is when individuals or firms acquire above-market returns by exercising economic and political power. We introduce an active-learning exercise, with discussion questions and extensions, to illustrate implications of rent seeking for efficiency, equity, economic justice, and democracy. Students act as corporate decision makers allocating resources among physical, financial, and political investment. Instructors use the results to highlight distinctions between productive and nonproductive activities, and ways in which individual firm incentives may differ from socially optimal firm behavior. This allows for discussions of broader issues, such as how rent seeking can undermine democratic ideals and perpetuate inequality.
期刊介绍：
Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance.
Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.
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