by Rick Lowe

Rent Seeking was described by Arnold C. Harberger in The Fortune Encyclopedia Of Economics as something that occurs when someone enters a business to earn a profit that the government has tried to make unusually high.

He goes on to provide numerous examples, however, this article by Michael Munger, Chair of Political Science at Duke University, titled Rent-Seek and You Will Find posted at The Library of Economics and Liberty is enlightening.

Can you think of any circumstances where this applies locally?