Rent seeking and the making of an unequal society

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rent seeking and the making of an unequal society

Joseph E. Stiglitz Quotes (Author of The Price of Inequality) (page 2 of 5)

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Rent Seeking - trying to get money without giving in return

Chapter 2 - Rent Seeking and the Making of an Unequal Society

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Although Joseph Stiglitz has a reputation as one of the most prominent defenders of big government, I found much to agree with in his book, The Price of Inequality. It does appear to me that throughout the political spectrum, from left to right, there is a substantial consensus that government is the cause of many of the problems people perceive. The disagreement is over how to solve those problems. Stiglitz sees many negative consequences from income and wealth inequality, and while I would question whether these negative consequences are as substantial as Stiglitz says, we both agree on the negative impact that government policy has in our society. Both Stiglitz and Stockman argue that cronyism is damaging both our economic system and our democratic political system. Stiglitz pp.

Peter Boettke| Joe Stiglitz argues in NYT that inequality is not inevitable. Making markets act like markets would be a good place to start. We must end the rent-seeking society we have gravitated toward, in which the wealthy.
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American inequality didnt just happen, it was created. Market forces played a role and also from the results of government policy, both what the government did and did not. During economy recession, wages, employment, sales, and profit will fall. However, there are many firms are making good profit. It shows something is not right somewhere.

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