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The welfare costs of rent-seeking: a methodologically individualist and subjectivist revision

Michael Makovi

Puni tekst: engleski, pdf (563 KB) str. 73-101 preuzimanja: 197* citiraj
APA 6th Edition
Makovi, M. (2015). The welfare costs of rent-seeking: a methodologically individualist and subjectivist revision. The Journal of Philosophical Economics, IX (1), 73-101. Preuzeto s https://hrcak.srce.hr/155718
MLA 8th Edition
Makovi, Michael. "The welfare costs of rent-seeking: a methodologically individualist and subjectivist revision." The Journal of Philosophical Economics, vol. IX, br. 1, 2015, str. 73-101. https://hrcak.srce.hr/155718. Citirano 23.09.2020.
Chicago 17th Edition
Makovi, Michael. "The welfare costs of rent-seeking: a methodologically individualist and subjectivist revision." The Journal of Philosophical Economics IX, br. 1 (2015): 73-101. https://hrcak.srce.hr/155718
Harvard
Makovi, M. (2015). 'The welfare costs of rent-seeking: a methodologically individualist and subjectivist revision', The Journal of Philosophical Economics, IX(1), str. 73-101. Preuzeto s: https://hrcak.srce.hr/155718 (Datum pristupa: 23.09.2020.)
Vancouver
Makovi M. The welfare costs of rent-seeking: a methodologically individualist and subjectivist revision. The Journal of Philosophical Economics [Internet]. 2015 [pristupljeno 23.09.2020.];IX(1):73-101. Dostupno na: https://hrcak.srce.hr/155718
IEEE
M. Makovi, "The welfare costs of rent-seeking: a methodologically individualist and subjectivist revision", The Journal of Philosophical Economics, vol.IX, br. 1, str. 73-101, 2015. [Online]. Dostupno na: https://hrcak.srce.hr/155718. [Citirano: 23.09.2020.]

Sažetak
Gordon Tullock is acknowledged for being the first to recognize the true costs of rent-seeking as including not only the Harberger triangle but also the Tullock rectangle. This rectangle does not constitute merely a lossless transfer of wealth, but it causes a misallocation of resources as rent-seekers invest resources in lobbying. However, a close reading of Tullock’s writings shows that his arguments are formulated in a holistic fashion, speaking of what is efficient or inefficient for society. Rent-seeking is inefficient because it reduces societal welfare. But according to a methodologically individualist and subjectivist economics, such a claim is invalid. We must distinguish between positive economic fact and normative moral philosophy. We call for a reconstruction of utility and welfare economics based on methodological individualism and subjectivism with implications for the theories of monopoly and competition: practices which Neoclassical perfect-competition theory considers to be evidence of rent-seeking should instead be deemed as indications of genuine competition Political economy should be concerned with ascertaining which institutions will best enable individuals to pursue their individually subjective ends – or else economists should be explicit about their normative preferences and political philosophies.

Ključne riječi
Tullock; rent-seeking; interest groups; efficiency; subjectivism; methodology

Hrčak ID: 155718

URI
https://hrcak.srce.hr/155718

Posjeta: 303 *