Rent Seeking: Taking Without Giving

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Күн бұрын

Rent-seeking is a behavior that describes the tendency of people to seek profits without doing any real work. This reduces economic efficiency through the misallocation of resources. Rent-seeking also hinders the creation of wealth, reduces government revenue, increases income inequality, and potentially leads to national decline.
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COLLABORATORS
Script: Jonas Koblin and Jonas Jacquet
Artist: Pascal Gaggelli
Voice: Mithril
Coloring: Nalin
Editing: Peera Lertsukittipongsa
Head of Partnership Programme: Selina Bador
Production: Bianka
Proofreading: Susan
Sound Design: Miguel Ojeda
SOUNDTRACKS
Tarantella - Adieu Adieu
DIG DEEPER with these top videos, games and resources:
Private and Public Rent-Seeking (and Chilean Buses), listen to Russ Roberts and his guest Mikel Munger discuss rent seeking on econtalk
What is Rent Seeking - what Forbes Magazine explains it
Evonomics 101 - How we can prevent rent seeking
Another way of preventing rent-seeking and corruption - real life example
SOURCES
en.wikipedia.org/wiki/Rent-se...
www.econlib.org/library/Enc/R...
www.investopedia.com/terms/r/...
CLASSROOM EXERCISE
Role play with your students: If available, find a real life example of a company exhibiting rent-seeking behavior that was brought to the public eye and resolved recently. Split your class into company representatives, company employees and government officials or other key players in the case. Act out the case of how the officials are accusing the company of rent seeking behavior. But how should the company react? How does this affect the employees? What would your students do differently as compared to how the case was resolved in real life?
CHAPTERS
00:00 Intro to Rent Seeking
00:21 The classic example
01:07 Direct costs
01:19 Opportunity costs
01:35 Moral costs
03:49 Adam Smith's definition
04:22 What do you think?
04:40 Ending

Пікірлер: 390

@KingUnKaged 2 жыл бұрын

I work as a consultant/research analyst. My company and career are based entirely around rent seeking. Sometimes it's tragically comical how blatant this kind of thing can get. You can go to meetings and see that everybody in the room (or Teams call) is aware that what you're doing is either pointless or actively harmful, but nobody cares because the project is needed to tick a box or to appease some weird fringe, or is a vanity project for some manager or bureaucrat with nothing better to do. People often don't care because it's not their money being spent and they know that they'll get in trouble if they say anything, so they just go along with it and tell the client what they want to hear (I am one of these people). As bad as the indifferent people are though, the true believers, the people who think their rent seeking is actually moral or a force for good, are worse, because they will pay you to tell them something they already think they know, use it to justify bad decisions, and then when they fail, pay you to explain how the main reason they failed is because people didn't listen to them enough or give them enough money. The true believers tend to be the most aggressive, so they take control quickly and since most of the people they're dealing with are indifferent, they get their way easily and steamroll over everyone else. The apathetic people do this too, but they're generally smart enough to know their limits, in my experience they tend to recognise that if they go too far they risk losing control, or needing to explain themselves, they're the kind of parasites who just want a free meal. The true believers are the kind that will eventually kill the host organism.

@estebansantiago2670 2 жыл бұрын

Ding Ding Ding!!! I.E. the DSA and their Demigods

@randomstranger2472 2 жыл бұрын

Damn, thats some heavy shit. Its time to change careers, bro

@donglerongle3109 2 жыл бұрын

ever consider you do nothing worthwhile with your job and should find a career that does something useful?

@moe8055 2 жыл бұрын

Thanks for sharing your experience- i was just wondering if theres an example in the digital world and your comment helped. Sorry for your dilemma; i imagine its not that easy to leave in order to meet your costs, but good luck!

@mohammednisham7126 Жыл бұрын

My experience has been very different as a consultant, and one of the reasons why i started my own consulting agency is the horrible business/management practices in most of the businesses in my place, leading them to go bankrupt or shutdown. For a large company what you've said may be true, but for medium and small enterprises the lack of proper guidance could directly lead to their demise.

@shanaiajishin7269 2 жыл бұрын

Unfortunately we are full of these people who take without giving and they call themselves successful. As Einstein said, "strive to be a person of value, not a person of success"

@stevencapitanocalitri5321 Жыл бұрын

The Landlord did not work for or earn his success. But I know plenty of people who are successful who earned it and helped employ many people to feed there families. I’d be weary about minimizing go getters. We all benefit from inventiveness. So “landlords” should not all be treated as the Villain. There are many landlords that got there the blue collar route. And they’ve earned it.

@lordblazer Жыл бұрын

@@stevencapitanocalitri5321 being a landlord isn't a job, they bought property it is their responsibility to take care of it. I'm not in the business of feeling bad for a good landlord. a landlord is a landlord.. if he takes care of his property then ok. that isn't a thing that needs any kind of accolades. I am cool with landlords who are just renting out a second home due to having to move for a job or something and maintains the property. follows the law and doesn't neglect their tenants.. Most landlords don't do this, some have found devious ways to illegally evict tenants and leave properties empty making the housing market harder to enter and using it as a pretext to increase rents.. This isn't outlier behavior so I am not feeling bad for any "Suffering" landlords out there. they made choices, thought they could make some investor cash, if it doesn't work out they made a bad investment plain and simple. It's different if it is property they live on and times are just hard. for that I tell them to get a job.

@nienke7713 5 ай бұрын

@@stevencapitanocalitri5321even if they earned their income before they became a landlord, as soon as they became a landlord they became rent-seeking thieves who stole value created by others through their leverage of the land ownership.

@Stoneman06660 2 жыл бұрын

In Australia, rent-seeking is the main game in town, mainly through banking and property. Literally trillions of dollars wasted just to trade houses back and forth between each other. Insanity.

@sprouts 2 жыл бұрын

Germany got lots of that too. The hugely complex tax system allows for lots of rent seekers happily strive in property, law and as tax consultants.

@PichuElric 2 жыл бұрын

That weirdly reminds me of how NFTs work. The value goes up from mere trading back and forth and then finally selling it to someone who likes 'valuable' things

@DataLog 2 жыл бұрын

@@PichuElric NFTs are not necessary. People who lose money there shouldn't even have that money...

@captainsunbear5472 6 ай бұрын

Pretty sure rent seeking is the main game in most of the developed world.

@Dan-ud8hz 2 жыл бұрын

"The first man who, having fenced in a piece of land, said 'This is mine', and found people naïve enough to believe him, that man was the true founder of civil society. From how many crimes, wars, and murders, from how many horrors and misfortunes might not any one have saved mankind, by pulling up the stakes, or filling up the ditch, and crying to his fellows: Beware of listening to this impostor; you are undone if you once forget that the fruits of the earth belong to us all, and the earth itself to nobody." - Jean-Jaques Rousseau, 1754

@rajath275 2 жыл бұрын

Spoken like a proper white man from an era when they decided they are the most civilised and needed to ‘civilise’ people who weren’t white, when actually they, as a society were nothing more than perfumed barbarian-savages. Territory marking, and fighting over it’s dominion is as natural, and essential, in the animal world as the sun and water are. It has been happening long before even primates evolved as an order and it’ll continue to happen as long as there is life on earth. We have just taken it to unnatural level with the aid of technology. Humans aren’t doing anything that was unseen by Mother Earth before us, we are (maybe) just doing it in ways that no other species have ever done before us.

@ezakustam 2 жыл бұрын

@@rajath275 No. Spoken like a scholar who understands the difference between profit and exploitation. In your racist zeal to lionize sociopathic behavior, please don't mistake the revolutionary for the people he was rebelling against, either.

@rajath275 2 жыл бұрын

@@ezakustam ‘lionise sociopathic behaviour’? Damn, looks like people still cannot think above the binary even in the 21st century. How long do you think people can be fooled by using using big words for little meaning, to defend thoughts that lacks fundamental roots that would agree with any modern logic and science? The problem with the west has always been that the people of today can see the world only through the obsolete lenses made by people who died centuries ago during a period that was vastly different from current realities and far removed from any real knowledge of facts of the world that wasn’t a construct of the post Roman, Eurocentric society. Any legitimate challenge to that automatically becomes racist, fringe, supremacist, yada yada yada.

@ronmoore6598 2 жыл бұрын

You think there were no wars over territory before private ownership of land? Even non-human animals fight of territory. And what about "the Tragedy of the Commons"?

@davruck1 2 жыл бұрын

@@ronmoore6598 that fight goes to the grave with those animals. Meanwhile foreigners pretend like they can come onto someone else’s place and own it. How about I steal your stuff and sell it back to you?

@cokebottles6919 2 жыл бұрын

Rent seeking has become a larger and larger part of the US. You see it in the government of course, but you also see it with the mass number of land lords, who inevitably become the only ones that can afford to buy more property due to the prices. You see it in people purchasing companies then taking the lions share of the profits from the people that actually do the work, you see it in finance, crypto, and many other places. They usually have skin in the game, just not nearly as much as the people buy charge over. The ratios are rarely the same. I’m not a socialist, just a capitalist that understands capitalism can only go so far before the people losing so vastly out number those taking the winnings that a revolution or tyranny is inevitable. I think we’re getting close.

@sprouts 2 жыл бұрын

Word!

@ronwalker8863 Жыл бұрын

As a carpenter, I've often thought of this when seeing something that I built years ago. As a very young man, focused on pursuing wealth, I took an aptitude test for getting into insurance sales. After the initial disappointment of hearing that I failed it, my attitude quickly changed when I realized what that actually revealed.

@brandonbridge371 2 жыл бұрын

This issue is also generational. Why should people born decades earlier be able to rig the system in their favour and against the interests of future generations.

@danielstone9404 2 жыл бұрын

And you know, I like the way Robert Kyosaki writes & presents alternate views on how to prosper in a world where jobs are disappearing, but at the end of the day, what he teaches is how to be a better 'rent seeker.'

@EnjoyGengar 2 жыл бұрын

It almost sounds like goverment in some countries.

@sandralibeau4795 2 жыл бұрын

New Zealand is a classic but the UN Agenda 2021 and Agenda 2030 are being slavishly being followed by all political parties.

@charliepearce8767 2 жыл бұрын

My thoughts to.

@sweetgeorgia70 2 жыл бұрын

Hungary. 😒

@MsSuske 2 жыл бұрын

It is

@DeepThinkersClub 2 жыл бұрын

@@sweetgeorgia70 The USA too. Taxation without representation. Very little of the taxes goes to road work and the community. Our entire government is to benefit those in power, and politics here is just charades.

@LukeSumIpsePatremTe 2 жыл бұрын

I knew about this concept, but now it has a name. Thanks for educating us, Sprouts!

@KONYLOVESKIDS 2 жыл бұрын

It's also called being jewish

@PapaBear187 2 жыл бұрын

I think "rent" should be replaced with "toll"...its less misreading

@billmcdonald4335 2 жыл бұрын

It's not a new concept. Been referred to it as such for a long time. A lot of economic terms are unclear: 'quantitative easing', for example. . . :)

@Anna-vf9gx 2 жыл бұрын

He's renting access to the river.

@Larry00000 2 жыл бұрын

Rent-seeking is enabled when excessive wealth is passed to the generation who did not earn it. With the power of their wealth and their lack of ability, they degrade the government and economy. Because of their resources, they are also unequal under the law. The question would then be, who controls the excessive wealth.

@PichuElric 2 жыл бұрын

This could literally be most of my country, there's a constant effort by some otherwise lazy people make money by privatising public spaces. Even libraries weren't spared, and parks are closely following (most parks take a fee to enter these days anyway). Thank you for teaching me what the concept was called!

@CosmoviZionn 2 жыл бұрын

Totally, even the state will charge you for using the "public space", which actually means, you're not part of the public. Hence, what's everybody's is nobody's, but the state's profit.

@PichuElric 2 жыл бұрын

@@CosmoviZionn If the state is using the money its making for, say, the maintenance of that public space, I could be okay with it. But I still think ABSOLUTELY public spaces are a must, because there is always someone in the world who doesn't even have the money needed to enter a park

@CosmoviZionn 2 жыл бұрын

@@PichuElric I don't disagree with that.

@vergilmontiero2558 2 жыл бұрын

Really? Wow. Didn't know that type of thing was going on.

@juliebraden6911 Жыл бұрын

🤪 L I T E R A L L Y 🤪 Did you ever stop to think maybe it's LITERALLY all countries and that LITERALLY not everything revolves around you?

@LECityLECLEC 2 жыл бұрын

These new economic theory videos ARE GENIUS I love you guys keep it up. Rent Seeking and Skin in the game, super important concepts that are not burden with crazy equations and graphs. Keep up the good fight, enlighten the people like me who have trouble making sense of the world!

@kenny1394 2 жыл бұрын

In Indonesia, the road belong to gangsters who call themselves to be the parking men. We have to pay them for parking.

@sprouts 2 жыл бұрын

Great example

@ruidadgmailcanada8508 2 жыл бұрын

Same in Lisbon Portugal. Homeless men in parking lots will ‘protect’ your car while it’s parked for a donation of course.

@jerome2022 2 жыл бұрын

Closing all the mom and pop stores and forcing everyone to walmart or Amazon to buy

@lachlanraidal5100 Жыл бұрын

Landlords are the prime example of rent seekers.

@sprouts 2 жыл бұрын

Support the teaching of economics in schools: patreon.com/sprouts

@maryb6074 2 жыл бұрын

In UK Royal family are the main land owners.

@Bran08Eman Жыл бұрын

Great information and illustrations. This lesson on rent is thought provoking. Makes me rethink investing, even if most of us didn't inherit wealth.

@5968RAJU 2 жыл бұрын

An excellent video and even better topic. Well done Sprouts team!

@whatsinaname7289 2 жыл бұрын

Your videos are so amazing and well produced. I wish this had more views!

@floramew 2 жыл бұрын

Love this video, very good overview. I do think that there are some good reasons to have licenses for things-- but those licenses should probably be free & relatively easy to get, bc my reasons for them are record keeping & trying to prevent over fishing/ hunting/ etc. Probably only for commercial enterprises or hunting for sport? If you only fish/ hunt to feed your family or community, it's unlikely to make much environmental impact. But that's admittedly not entirely germaine to the topic of this video I guess lol.

@Stylez-13 2 жыл бұрын

Like selling you free water in bottles after you contaminate the sources so no one can drink it free....

@nina-maeforde3269 2 жыл бұрын

I am a rent seeker too, and I agree that it is horrendous to pay rent. My rent is set extremely low $100 a month, to give them a chance to get their own property. I also suggest rent seekers offer rent to own options...

@Kennedy4OurCountry 2 жыл бұрын

Well....you must be one in a million. Not only do I pay rent, but I am regularly emotionally abused by the guy I rent from. Can't afford to move. Soooo tired.

@artistsometimes2729 Жыл бұрын

0:08 a business, no matter how productive, does not create new wealth "for others". It makes more with less but still only for itself (though it may be taxed, but the same can be truth of wealth that is the result of rents). Ultimately rent seeking is a form of private taxation that concentrates wealth in the hands of a few, leading to inequality, poverty and depravation. Other than that good video, particularly liked this quote at 3:52

@proveritate1205 Ай бұрын

Not exactly true, since a business do in fact create wealth when it obtains revenue by providing others with products or services others want to exchange for money (i.e. the product/service is in demand). A business that doesn't generate a product or service demanded by others, and doesn't satisfy any need, simply gets bankrupt. This works this way only in a free market system, but in the case in a non-free market economy (with monopolies, for example) the State or other violent agent tries to manipulate the market by either applying penalties for a product or for buying from a certain company, or could ban them altogether (as it happens in socialist economies where the State basically bans privately-owned companies and withholds unproductive negative-income State monopolies).

@bigredracingdog466 Жыл бұрын

4:00 "...when the land was in common..." A rare concept in recorded history. Civilizations have always been based on land ownership by the crown or the wealthy. In the feudal system, there was always a quid pro quo between the crown, the lord to whom the fief of land was given, and the peasants who worked it. Everyone got something. For the fiefdom, the king retained the loyalty of his barons. For his labor, the peasant got the use of land that was not his and the lord's protection in the event of attack.

@user-dr5me1xt4y 6 ай бұрын

Rare indeed in *recorded* history. Go back a little further, and for 99% of our existence as a species this common "ownership" was the norm.

@bigredracingdog466 6 ай бұрын

@@user-dr5me1xt4y I'm not so sure. Even before agriculture, tribes were territorial. Land was only "in common" within the tribe that hunted on it and they defended it from other tribes. I doubt much changed when herding began. Tribes still protected their grazing lands. Once agriculture became the norm, hierarchal societies developed and land ownership became the norm.

@user-dr5me1xt4y 6 ай бұрын

@@bigredracingdog466 Some tribes were territorial, yes. Many groups were mobile and fluid/open to other groups. Their circumstances most often did not allow for accumulation and so they would not have shared our modern notions of property. They were fiercely egalitarian ("primitive communism"). Even if we conclude that they were territorial, you still had groups sharing access to "their" geographic area in a non-hierarchical way within their groups. Private ownership is the norm today, but we have modern examples of people taking a more communal and egalitarian approach to land distribution, e.g. the Zapatistas.

@bigredracingdog466 6 ай бұрын

@@user-dr5me1xt4y The problem with those communities is that they don't scale up to a national level. A small commune can change and adapt to suit local challenges, but national bureaucracies as in the Soviet Union and the PRC made a mess of communal "ownership."

@user-dr5me1xt4y 6 ай бұрын

I question the premise that such a configuration isn't scalable, or that trying to scale it up necessitates bureaucracy. All large complex systems are made up of smaller and smaller components, right? A modern U.S. state is composed of different counties with various cities, the cities are made up of different boroughs/neighborhoods, etc. We could keep this level of organization while changing from the current centralized federalist system which has a top-down hierarchy to a decentralized network of confederations where people are able to actually govern themselves. @@bigredracingdog466

@orar6435 3 ай бұрын

Taxi plate license price is the first comes to my mind. Taking Without Giving

@DieNibelungenliad 2 жыл бұрын

This reminds me of how the KZfaq app requires you to pay in exchange for the ability to play videos in the background.

@DieNibelungenliad 2 жыл бұрын

Im talking about on phones. Ofcourse, theres a way to circumvent this but you get my point. This wasnt the case before

@martyns1722 Жыл бұрын

This is how the Nigerian government operates. So sad

@Dannyboi91 2 жыл бұрын

Good explanation, I'll link this when I have to quickly get the concept to some people. Maybe you can go in to a little bit of Georgism in the next video on the topic too while at it? The most vivid modern large-scale rent seeking activity in the Western and Asian Big cities, is definitely the housing/property/mortgage market.

@foznoth Жыл бұрын

McDonalds are a prime example of this. They started out as a standard burger joint, but in time realised that owning the land the restaurant was on, and franchising the business model was more profitable. Now McDonalds makes more money from renting property than from the burgers.

@tromeur 2 жыл бұрын

Great illustrations !!

@TheRealDeal130 2 жыл бұрын

This concept brings to mind the M.O of faith healers, evangelical pastors, and false prophets in the U.S and Africa. They fleece the innocent of their hard-earned money, while enriching themselves, on the premise that their followers owe God money to receive 'blessings'.

@Rebrn-bk5em 10 ай бұрын

wow yea that does sound like it. this term seems to be using EVERYWHERE

@Gaga682 Жыл бұрын

This is what right now transatlantic corporations do nowadays.

@NK-vd8xi Ай бұрын

Georgism addresses this!

@lupe.02 2 жыл бұрын

Could you make a video on driving anxiety and where it derives from? And how to get over it?

@sprouts 2 жыл бұрын

Can you be specific and post it here? www.sprouts.featureupvote.com

@thecuriouscanvas6666 2 жыл бұрын

Great one !

@sathyath84 2 жыл бұрын

This in essence is an entirety of the existence of governments.

@seanfromnewyork 2 жыл бұрын

Y’all are great!

@13thravenpurple94 2 жыл бұрын

Great work 🥳🥳🥳 Thank you 💜💜💜

@bewbew0016 2 жыл бұрын

Such as "You will own nothing and be happy".

@mosesouma1191 2 жыл бұрын

Amazingly accurate....whoa!!

@freesk8 2 жыл бұрын

Good one! Thanks!

@herticate8579 2 жыл бұрын

Nestle: *Sweating*

@arcturusn9845 2 жыл бұрын

Excellent👍

@soniaistaiswarilandapa1547 Жыл бұрын

Thank you

@shurale123 2 жыл бұрын

🙏🙏🙏🙏🙏 These hands are clapping

@This_is_it2024 2 жыл бұрын

It is very obvious but what are we going to do about it? Where to power stops?

@peterpan0201 Жыл бұрын

Thanks! Very nicely made.

@sprouts Жыл бұрын

Thanks

@sprouts Жыл бұрын

Thank you Chao 🙏🥲

@purdysanchez 29 күн бұрын

Accurate style of music for a video about rent seeking. If you know you know.

@craig328 2 жыл бұрын

So, the example used (the land owner) is somewhat flawed for a modern analogy. He owns the land and has a resource people would like to use. He has 2 options: let them use it for free or charge them. The video suggests this is the only concern (the landlord making money) but the reality is that people on other people's land places the landowner in a liability situation. If the people hurt themselves, others, have accidents and whatnot, they sue the landowner for lack of safety equipment, lack of signage, lack of controlled access and so on. The landlord is not so much providing a service as he is assuming a responsibility...and that can cost him big.

@sprouts 2 жыл бұрын

Great point 👏🏾

@formerevolutionist Жыл бұрын

This sounds a lot like licensing. These days, you need to get a license for almost everything. You need a license to braid hair. You need a license to open businesses. You need a license to sell cigarettes. Everything needs a license. It is not merely done for financial reasons, but the state's ever-growing need to control everything. It is all done under the guise of protecting the consumer from incompetent or immoral practitioners. However, the free market is much better at dealing with this problem. For starters, people who provide low-quality goods and services will quickly get a bad reputation. The same goes for scammers and cheaters. Honest people who provide high-quality goods and services will get a good reputation. Furthermore, businesses will want to build trust with customers, so they seek certification and verification from independent inspectors. Let's say a restaurant opens up. The owner will want to hire good workers to work there. He will want to make sure his restaurant is clean and safe. Since it is a new restaurant, people don't know if it is good or not. The owner will seek an inspection from a reputable firm to convince customers that his restaurant is clean and safe. He also knows that if his food makes people sick, then it will be very difficult to convince everyone to eat there, again.

@jamiedorsey4167 Жыл бұрын

I've heard this term used but never quite got it. In my mind I related it to a landlord, but most landlords do add value, upkeep and improve the building, offer housing that's easier to move in and out of than an owned home. Anyway, the rent seeking described in the video is absolutely a detriment to society and is anti meritocratic. I would love it if it could be gotten rid of. That said is there a value to "rent seeking" in the example of a land owner managing the resources of their land? Like if they didn't charge for people to use it would it fall victim to a tragedy of the commons?

@applesoranges559 2 жыл бұрын

So beautiful 👏 ..

@jimf671 Жыл бұрын

The story of the recent decline of the already-disfunctional and and ineffective British economy and particularly the exploitation of other parts of the country for the benefit of London and SE England and those in power. A story of low level corruption, the mechanism of which is largely invisible or poorly understood but the basics of which are fairly readily explained in the manner of this video.

@MissHellblazer 2 жыл бұрын

It's always been my belief rent seeking it's despiteful.

@m.e.harris8941 2 жыл бұрын

Sounds like…….taxes !!! .

@Retiarius2 2 жыл бұрын

Terrific video. Perhaps at some point you could make one based on the works of Henry George?

@sprouts 2 жыл бұрын

Can you be specific and post it here? www.sprouts.featureupvote.com

@acoolducksloveryeahweexist 2 жыл бұрын

Just like KZfaq, it was totally free before and now they want you to pay if you want not to watch ads...

@GuitarNewby Жыл бұрын

The best example of rent seekers would be the central banks and their toadie Banksters 🧐.

@user-is7cz6hc8e 2 жыл бұрын

انا أختكم من فلسطين من قطاع غزة المحاصر اعيش ظروف سيئة وقاهرة أولادي جميعهم مرضى ويعانون من اعاقات وهم بحاجة ماسة للادوية والمتابعة عندهم امراض مزمنة وانا ليس بحيلتي أن اوفر اجتياجاتهم وبيتي بالايجار وليس لي دخل ثابت اعيش منه مصروف اولادي من ايدي الناس فأتوجه اليكم ان تنظرو لأولادي بعين الرحمة والشفقة وتمدو يد العون لهم الله يجبر بخاطركم (ما نقص مال من صدقة) ارجوكم ان تمدو يد العون لأولادي.....

@stanallport6746 Жыл бұрын

the government is needed to prevent the man from blocking the river with a chain, unless he has purchased a right to do so

@potatopotato8360 Жыл бұрын

Some angry citizens with guns are needed, not "government".

@florencezimba9263 Жыл бұрын

Wonderful

@mutiur7396 2 жыл бұрын

Do you people consider real state business same?

@andregodfrey5520 6 ай бұрын

The old school grown ups, like me, call this old fashioned looting. A major unintended consequence is that a major military alliance produces less artillery ammunition than their adversary . Funny how stealing never profits you against men that have honor and do not steal.

@ISpitHotFiyaa 2 жыл бұрын

I think this concept is something that everyone should have down cold before they graduate high school. The US doesn't have the kind of blatant corruption that a lot of banana republic type countries have. I mean we're not out paying bribes to government employees or dealing with mafias. But rent-seeking? Oh, we've got rent-seeking. But I think a lot of people aren't really looking for it so they don't see how much it costs them. So when the legislature passes some law with some innocuous pretext then people aren't looking to see what market is becoming less free and who's getting rich from that law.

@ruidadgmailcanada8508 2 жыл бұрын

WHAT?!?!?! Your corruption is legal, they’re not even hiding it anymore lol. Lobbyists. The US is run by corporations. There is no Left or Right. Politicians trade stocks based on the advance knowledge of law changes because of the committees they sit on. How does Nancy Pelosi beat the top 5 Hedge Fund managers for the past 5 years? It’s amazing.

@CosmicBrain21 2 жыл бұрын

Car dealerships sell each other used cars in a circle to keep the prices inflated.

@charliepearce8767 2 жыл бұрын

That's business... Nobody makes you buy the car.

@nickmoser1866 2 жыл бұрын

@@charliepearce8767 he said they sell to each other but great reading comprehension skills! Maybe a pop up book is more your speed

@bboyneon92 2 жыл бұрын

Isn't all land owned by the government somehow? Even if an individual 'owns' a piece of land. The individual has to pay 'property tax'. Tourist revenues. Etc. Love the content!

@karanushree97 2 жыл бұрын

Yes. And it comes back to people in the form of good roads, transportation, govt schools and schemes

@bboyneon92 2 жыл бұрын

@@karanushree97 Agreed and disagreed. I understand it's easier to criticize. Not all of it comes back in quality roads, transportation, water or schemes. It's a business model now and business means profit. The aspect of 'Rent' is what I'm referring to from the video.

@sybelle_esta_no_telhado_ad5040 2 жыл бұрын

@@karanushree97 in some developing countries, it...doesn't.

@Si_Mondo 2 жыл бұрын

@@karanushree97 It doesn't all come back to those things though. There's administration costs. Costs that wouldn't exist in a private transaction between the local community (pooling money together for road maintenance) and the firm they hire to do said task. Taxation is wasted money that is literally stolen through coercion by the government.

@DieNibelungenliad 2 жыл бұрын

Depends. In a kingdom, the king owns all the land. In a republic, the public own all the land. The government is merely the management of sovereign land.

@detorreonpla3424 4 ай бұрын

This is the ultimate way to get wealthy.

@Kennedy4OurCountry 2 жыл бұрын

I thought it was called 'serfdom'

@glenmalesa8902 2 жыл бұрын

This sounds like a text book definition of a Tenderpreneur.

@MinnesotaBigfoot 2 жыл бұрын

Please make a video discussing agnotology

@nikteslaraj2656 2 жыл бұрын

Yes, i see in my country ..now i understand 😅

@nati7728 2 жыл бұрын

"Maybe, you have your own story, where you seek to profit without adding any value?" Camera pans to every billionaire ever.

@RinnzuRosendale Жыл бұрын

"In theory" seems like a silly thing to say about the most common economic practice in the entirety of the capatalist world. 😑

@GarSunChan 2 жыл бұрын

where do I see rent seeking? Everywhere in Hong Kong.

@mikelynn8977 Жыл бұрын

Whom does the river belong to?

@karthikeyanravishankar1356 2 жыл бұрын

Hi, I tried to download the video from your website, but could not find it. I would appreciate if you could help me get it. I will credit. It's going to be a topic covered in my NGO. Since you have done it the best way I could eveer possibly think of, I wanted to use it. That's why am asking.

@sprouts 2 жыл бұрын

Should be live very soon. Give us 2 days

@karthikeyanravishankar1356 2 жыл бұрын

@@sprouts Thank you

@spicynutjuice9448 2 жыл бұрын

Lessons on modern economy.

@onfg9246 Жыл бұрын

Literally the UK

@SaiKiran-en2zm 2 жыл бұрын

In India education system is likely to be following this for ages Where they conduct exams to get into medical or reputed universities with syllabus who can cleared by rich people who have paid lump-sum amount to school and tutors .. And others like us made to study with unprofessional teacher and unwanted stuff syllabus just to give us false gratification of that we're educated making us to waste time subjecting ourselves to learn with no proper guidance and support . In last 5 years students are make use of resources available on internet because of free resources available on internet.

@ruidadgmailcanada8508 2 жыл бұрын

As a small benefit to your problem (and I’m sorry about your situation), I find Indian based childrens videos much more educational than North American content. Now I understand why, it’s based on necessity.

@ilyaibrahimovic9842 2 жыл бұрын

Ok, but if they hike the prices on fish, people will simply choose other foods, if only out of necessity. People aren't, as Thomas Sowell says, chess pieces you can push around a board. They respond to circumstances imposed on them.

@Dannyboi91 2 жыл бұрын

of course, and that's why rent-seeking behaviour propagate. To continue the analogy of fish, assuming there's other foods available, let's say grain, people will choose that instead. This would probably bump the price up by added demand, and in a functioning market economy lead to increased supply (again assuming there's capacity for that), maybe some of the fishermen career switch to farmer (doubtful). This would lead to reduced rent gained from fish for the rent seeker, and more overall profit in the grain producers. Now what would a rent-seeking lord do in that situation? Remove the chains or fences? Probably not, unless the people have a say in it, and instead add rent-seeking behaviour on the farmer instead. (the latter option is almost always cheaper than the former, if Tullock paradox apply) This can go on for a long time, like a game, until some form of Nash equilibrium is reached; Lord can't extract more rent without hurting his total income, and the people can't adapt their behaviour further to increase their standing. my 5cent.

@sprouts 2 жыл бұрын

@DannyBoi email us if you want to help us go deeper into economics. Thanks for the wonderful comment! Jonas

@rhandzumabunda1344 2 жыл бұрын

Rent seeking but in the context of relationship

@aryartcrafts 2 жыл бұрын

Please make video on kolb’s theory

@hlicj 2 жыл бұрын

Road tolls in Norway -- certainly decrease economic activity and increase reliance on government compensation programs.

@fuikuhida 2 жыл бұрын

Well, they are everywhere, if you ask.

@ebuzertahakanat 2 жыл бұрын

same point Quran did it for interest ages ago

@lolvivo8783 2 жыл бұрын

Sounds like our government

@charliepearce8767 2 жыл бұрын

Exactly

@lolvivo8783 2 жыл бұрын

What would you call the gamblers who do intraday trading?

@sprouts 2 жыл бұрын

😂 day-trader, noun, see idiot (source: devils financial dictionary)

@lolvivo8783 2 жыл бұрын

@@sprouts I first thought "lol, sprouts called me idiot", then searched the reference up. That seems to be a good book.

@nakedwzrd 8 ай бұрын

This the whole us economy.

@Linartowijaya 2 жыл бұрын

What is the opposite of this rent-seeker? One wonders.. Does it exist ??

@sprouts 2 жыл бұрын

Yes

@chrishayes8197 2 жыл бұрын

good response. Now I understand what the opposite of a rent-seeker is.

@mementocharmky 2 жыл бұрын

Why does this remind me of Alaska?

@Doobernicus 2 жыл бұрын

Banks dont create value, only debt.

@malvaizn 2 жыл бұрын

How about we just do what the french did and say no…

@ct-hv1uz Жыл бұрын

Within seconds you could have just said it’s committing petty robbery with the weapon of social stress and consequences.

@JL-dj5ek 2 жыл бұрын

This is rampant in most of the 3rd world poor countries...

@danielbrett247 24 күн бұрын

What equipment adds no value to society? Meaningless infrastructure projects? Why would an individual waste his money in this way?

@SR-fm1ft 2 жыл бұрын

Sounds like politicians.

@goodvibes6715 Жыл бұрын

The Entire world is made up of Rent Seekers. I think you need to be extraordinary to add 'Actual Value' in this world. ( like your video is extraordinary ) But consultants, accountants, real estate agents, lawyers etc. are all rent seekers. Brilliant Engineers, Inventors, Amazing Scientists, Brilliant Architects, Brilliant Designers on the other hand aren't. And Rent Seekers get the talented people to make better Toys ( Arms ), Tools, Laws, Plans, Tax Structures, Spying Mechanisms, Machines to Seek Rent in a more effective manner. When the naive innocent talented people feel they are just doing it for the good of the humanity.

@jamiedorsey4167 Жыл бұрын

I don't know, offering your skills and services doesn't seem like rent seeking exactly. It doesn't reach the value adding of the second list of characters, but I don't think its rent seeking. You are offering some value to someone else who doesn't know their way around the law or taxes, etc.