James Buchanan Virginia Political Economy was born in the foyer of the Social Science Building at the University of Chicago early in 1948. In a casual conversation with a fellow graduate student, Warren Nutter, I discovered that we shared an evaluation and diagnosis of developments in Economics, the discipline with which we were about to […]| Econlib
Rent seeking is one of the most important insights in the last fifty years of economics and, unfortunately, one of the most inappropriately labeled. Gordon Tullock originated the idea in 1967, and Anne Krueger introduced the label in 1974. The idea is simple but powerful. People are said to seek rents when they try to […]| Econlib