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Rent Seeking
(1974)
The term rent seeking was first used by American economist ANN KRUEGER (1934- ) for a theory developed by American economist GORDON TULLOCK (1922-) in 1967.
TULLOCK's theory addressed the active creation of monopolies, with the aim of achieving supernormal profits or market control, in competitive conditions.
Also see: monopoly, monopolistic competition
Source:
A O Krueger, 'The Political Economy of the Rent-Seeking Society', American Economic Review, vol. LXIV (1974), 291-303
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