Economic Rent, Rent-Seeking Behavior, and the Case of Privatized Incarceration

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In David Boonin, Katrina L. Sifferd, Tyler K. Fagan, Valerie Gray Hardcastle, Michael Huemer, Daniel Wodak, Derk Pereboom, Stephen J. Morse, Sarah Tyson, Mark Zelcer, Garrett VanPelt, Devin Casey, Philip E. Devine, David K. Chan, Maarten Boudry, Christopher Freiman, Hrishikesh Joshi, Shelley Wilcox, Jason Brennan, Eric Wiland, Ryan Muldoon, Mark Alfano, Philip Robichaud, Kevin Timpe, David Livingstone Smith, Francis J. Beckwith, Dan Hooley, Russell Blackford, John Corvino, Corey McCall, Dan Demetriou, Ajume Wingo, Michael Shermer, Ole Martin Moen, Aksel Braanen Sterri, Teresa Blankmeyer Burke, Jeppe von Platz, John Thrasher, Mary Hawkesworth, William MacAskill, Daniel Halliday, Janine O’Flynn, Yoaav Isaacs, Jason Iuliano, Claire Pickard, Arvin M. Gouw, Tina Rulli, Justin Caouette, Allen Habib, Brian D. Earp & Andrew Vierra (eds.), The Palgrave Handbook of Philosophy and Public Policy. Springer Verlag. pp. 455-467 (2018)
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Abstract

The concept of economic rent is among the oldest in political economy. This reflects the fact that economies have always included parties whose income appears more parasitic than productive. The concept of rent-seeking refers to the efforts of parties seeking to secure such income by way of gaining influence over economic regulation or otherwise gaining favors from government. In spite of its intuitiveness, however, it has proven difficult to precisely distinguish rent from other categories of income. This chapter seeks to acquaint readers with this problem. The privatization of incarceration is then supplied as an important case study in current rent-seeking behavior.

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10.1007/978-3-319-93907-0_35

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Author Profiles

Janine O'Flynn
University of Melbourne
Daniel Halliday
University of Melbourne

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