scholarly journals League Structure & Stadium Rent Seeking - The Role of Antitrust Revisited

2012 ◽  
Author(s):  
David D. Haddock ◽  
Tonja Jacobi ◽  
Matthew Sag
Keyword(s):  
Rent Seeking ◽  
League Structure

scholarly journals From Finance Capitalism to Financialization: A Cultural and Narrative Perspective on 150 Years of Financial History

2014 ◽  
Vol 15 (4) ◽  
pp. 605-642 ◽  
Author(s):  
Per H. Hansen
Keyword(s):  
Presidential Address ◽  
Rent Seeking ◽  
Business History ◽  
Sense Making ◽  
Financial History ◽  
Social Instability ◽  
Narrative Perspective ◽  
Finance Capitalism ◽  
Over Time

In this article I interpret 150 years of financial history with a focus on shifts in the role of finance in society. I argue that over time the role of finance has shifted twice from that of servant to that of master of society, and that this process has been driven by sense making through narratives that legitimized and shaped these changes. When finance became a master rent seeking, cultural capture and out-of-control financial innovation resulted in financial and social instability. Finance as a master was the characteristic of finance capitalism from around 1900–1931 and of financialization from around 1980 to today. Finance capitalism and financialization were enabled by a dominant narrative that legitimized the power of finance. The shifts in the role of finance happened when crises undermined the meaning of the existing narrative and created for a new narrative able to make sense of the crisis and point society in a new direction. This sense-making process stabilized when a new narrative was established that could explain the crisis and legitimize and shape a new role for finance. The article is based on my presidential address presented at the Business History Conference’s annual meeting in March 2014 in Frankfurt.

scholarly journals Political Economy of Coal Mining Policy: A Case Study in Rent Seeking of Surveyor’s Data Manipulation in East Kalimantan (2009-2014)

2018 ◽  
Vol 8 (4) ◽  
pp. 66
Author(s):  
Bambang Arwanto
Keyword(s):  
Coal Mining ◽  
Economic Incentive ◽  
Rent Seeking ◽  
Policy Formulation ◽  
Mining Policy ◽  
East Kalimantan ◽  
The Social ◽  
Third Person

Both rent seeking and mining policy are two interesting discourses which have enriched the Indonesian policy studies within last two decades. One of prominent problems in this sector is formulation policy process of mining permit (IUP). The concern of mining sector is because the huge economic incentive behind mining business including coal mining. Since the economic incentive is extremely high, the rent seeking is getting higher and more competitive. The competition on rent seeking contest is developed in different policy formulation stages through the elites of business people and bureaucrats.The consequences are the objectivity on issuing the coal mining policy, including extra regulation about surveyors.  The policy formulation in this very case produces the dynamic and complex rent seeking activity among the main players. This study is aimed to reveal the case of rent seeking using surveyors on coal mining policy. Using qualitative method and non positivist approach, this case of study was one of five studies that tried to understand the social relationship among the policy actors during mining policy formulation.Findings in the study were: (i) the role of surveyors as “third person” as mediator who played prominent roles in delivering the interest and determined the data through surveyor’s report, (ii) bargaining power of the businessman to get access in penetrating the bureaucracy through bribing and lobbying, and (iii) the role of bureaucrat in manipulating regulation to accommodate their interest through extra regulation making.

scholarly journals Functioning of market economy and rent-seeking: Why it is necessary to diminish the role of government in economic affairs?

2004 ◽  
Vol 56 (2-3) ◽  
pp. 189-220
Author(s):  
Ivan Jankovic
Keyword(s):  
Public Choice ◽  
Market Economy ◽  
Social Issues ◽  
Wide Spectrum ◽  
Rent Seeking ◽  
Basic Rule ◽  
The Public ◽  
The Government ◽  
Role Of The Government

At the beginning, the author points out that rent-seeking economy is a distinctive phenomenon for majority of the contemporary market economies. It is reflected in the aspirations of the well organised interest groups to capture public choice and politicians as a tool to gain non-market benefits for themselves, or to take activities to gain income by non-market redistributions instead to do it on the market. According to the author examples of rent-seeking economy are antitrust, arbitrary export-import restrictions, subsidies for various sectors of economy, unions' practices of closed shop or collective bargaining. The author notes that there are legitimate public goods and services (such as military and police services or infrastructure) and therefore legitimate taxing and spending for providing of such public necessities. In his opinion, however, rent-seeking economy results from the growing government intervention in economy based upon widening of its role and responsibility to handle a wide spectrum of illegitimate ??social?? issues, rather than rest upon better providing of classical government services. Rent-seeking economy is a result of abandoning the strict market economy with no or little income gained by the extra market redistribution. The social environment where it is permissible and desirable to remove as great as possible economic activities from the free, non-regulated markets to the public sector or to the sector of the highly regulated economy which is cartelised by coercion, leads entrepreneurs to change their orientation. They do not perceive the regular competition as the best way to make success, but by lobbying with the political bodies. The basic rule of rent-seeking is that when there is a chance to gain rent, there will be someone who will try to get it. Therefore, in the author's opinion the government and the public inclining towards state interventionism are the main to blame for the rise of rent-seeking. This is because they make chances to gain rents since the general social and political environment enables it, as well as because there is an insufficiency of detailed legislative and constitutional restrictions on the role of the government in economy. Therefore, the basic condition for elimination or at least reduction of the scope of rent-seeking economy, in the opinion of the author, is to drastically diminish the role of the government in economic affairs. In that way the economy would be strictly separated form the politics, and entrepreneurs would be sent a signal that the reallocation of resources from productive to lobbying activities for gaining privileges is not an appropriate way to gain income. Within this context, the author points to consideration of the achievements of the James Buchanan's public choice theory that deals with the defects of political decision-making. He also points to the fact that the essence of the liberal constitutional reform that could diminish the scope of rent-seeking could be best perceived in the words stated by Friedrich Hayek the Nobel prize winner, saying that the government should be prohibited to employ ??coercive discriminatory acts??. This means that the government should not employ its monopoly of physical force to award economic privileges to anyone, but it should adopt laws of general use to be applied to the unknown number of cases in the future, concludes the author.

scholarly journals Role of Institutional Economics in Minimizing Industrial Waste Water

2016 ◽  
Vol 1 (1) ◽  
pp. 68-77
Author(s):  
Imanina Eka Dalilah ◽  
Candra Fajri Ananda ◽  
Khusnul Ashar
Keyword(s):  
Waste Water ◽  
Water Pollution ◽  
Industrial Development ◽  
Institutional Economics ◽  
Negative Impact ◽  
Ecological Economics ◽  
Rent Seeking ◽  
New Institutional Economics ◽  
Institutional Economic

Objective - Industrial development has a significant contribution on the welfare achievement of Mojokerto. However, these achievements have also brought about the negative impact such as environmental degradation. Nonetheless, new institutional economics have developed a theory for the purpose of solving such environmental conflicts and this is called institutional ecological economics. Since resolving environmental problems is dependent on the quality of institutional structures, this research aims to show the role of institutional economic environment in minimizing negative environmental externalities for example, water pollution, in the Mojokerto Regency. Methodology/Technique - This research is qualitative in nature. It uses interviews and observations to collect the data required. For the purpose of illustrating water quality, a table is depicted based on biological and chemical parameters used. The research site is set in Watesnegoro Village, a sub district of Ngoro, Mojokerto Regency, making this a case study. Findings - The findings extracted from this research suggest that (1) Environment governance in the Mojokerto Regency had not effectively reduced water pollution, (2) The internalization of externalities as described in the economic theory was unable to be implemented because of the high transaction cost, (3) There are rent-seeking behaviours in the waste water pollution policy where the corporation and government have a collusion to gain their own interest. Novelty - The outcome of this research indicates that negative externalities on the environment caused by the industry needs to be further studied so as to understand the relationship of industrial activities on the environment. Type of Paper: Empirical Keywords: Water Pollution, Institutional Ecological Economics, Rent-Seeking, Mojokerto Regency, Indonesia.

scholarly journals IDENTIFIKASI FAKTOR DAN PENILAIAN RISIKO PADA USAHA PERIKANAN TANGKAP DI KABUPATEN SAMBAS

2016 ◽  
Vol 11 (1) ◽  
pp. 99
Author(s):  
Lindawati Lindawati ◽  
Rikrik Rahadian
Keyword(s):  
Monte Carlo Simulation ◽  
Monte Carlo ◽  
Risk Factor ◽  
Operating Cost ◽  
Rent Seeking ◽  
Loss Probability ◽  
Primary Sources ◽  
Secondary Sources ◽  
Data Survey

Usaha penangkapan ikan akan selalu dihadapkan pada risiko kerugian yang tinggi, akibat daritingginya tingkat ketidakpastian. Dengan mengambil kasus usaha penangkapan ikan pelagis kecil dandemersal di Kabupaten Sambas, makalah ini bertujuan untuk menilai besaran kemungkinan terjadinyarisiko kerugian pada usaha perikanan tangkap dan mengidentifikasi faktor-faktor penyebab risiko kerugiantersebut. Data yang digunakan terdiri dari data primer dan data sekunder. Data primer diperoleh darihasil survey pada tahun 2014 dan 2015 terhadap sampel responden yang diambil secara purposive.Data sekunder yang dikumpulkan berupa data potensi perikanan dan laporan tahunan yang diperolehdari Dinas Kelautan dan Perikanan Kabupaten Sambas. Analisis yang digunakan dalam penelitian iniadalah analisis statistik deskriptif dan simulasi Monte Carlo untuk menilai peluang risiko kerugian. Hasilsimulasi Monte Carlo menunjukkan bahwa peluang terjadinya risiko kerugian dari usaha penangkapanikan di Kabupaten Sambas adalah 30%. Berdasarkan persepsi responden, faktor-faktor penyebab risikoyang dominan antara lain: 1) peningkatan biaya operasional (93%); 2) kesulitan permodalan (76%);dan 3) gangguan kesehatan (69%). Sehingga, untuk mengurangi beban risiko yang dihadapi olehpara nelayan, maka diperlukan kebijakan penguatan permodalan usaha dalam bentuk pembentukanlembaga penyedia modal usaha bagi nelayan kecil, yang dapat menggantikan peran agen/toke dalammenyediakan modal usaha.Title:  An Assessment of Contributing Risk Factor and its Measurement on Capture Fisheries in Sambas District Captured fisheries business is daily faced with high risk due to many uncertainties that it has to deal with. This research is mainly aimed at measuring the probability of loss from the captured fisheries business conducted within the Sambas Region. The data used for the measurement done were acquired from both primary sources – a 2014-2015 panel data survey to a sample of purposively chosen 30 fishers – as well as secondary sources – regional fishery statistics and publications. The monte carlo simulation was applied to produce the measurement of loss probability intended. The simulation showed that there is a 30% chance where a captured fisheries business in Sambas Region may result in a loss. According to fishers’ perception, the probable causes of such risks may be due to a few factors, such as: 1) operating cost push (92%); 2) financing difficulties (76%); and 3) health problems (69%). Thus, alleviating the burden of risks of fishers will require a capital strengthening policy through creating a capital provision institution which could substitute the role of rent-seeking Agents/ Tokes as capital providers.

The Role of Rents in the Transition from Socialist Redistributive Economies to Market Capitalism

2017 ◽  
Vol 16 (1) ◽  
pp. 13-38 ◽  
Author(s):  
Peter Mihalyi ◽  
Iván Szelényi
Keyword(s):  
19Th Century ◽  
Rent Seeking ◽  
Political Elites ◽  
Capitalist Country ◽  
State Capture ◽  
Seeking Behavior ◽  
Market Capture ◽  
Market Capitalism

In this paper the authors make a critical distinction between inequalities arising from profits and wages and inequalities arising from rents, following Sorensen and 19th century economist Ricardo. Their new contribution is to articulate how rents are especially important in post-communist capitalist transition. Without the concept of rents, the mechanisms of corruption cannot be understood. The authors identify three types of rent-seeking behavior, which can be observed in any capitalist country, that play a particularly important role in post-communist transition: (i) market capture by political elites; (ii) state capture by oligarchs; (iii) capture of oligarchs by autocratic rulers through selective criminalization and the redistribution of their wealth to loyal new rich.

scholarly journals Part-time Brokers in Financialised Rural Land Markets: Processes, Typology and Implications

2020 ◽  
Vol 25 (1) ◽  
pp. 70-88
Author(s):  
V. P. Nirmal Roy
Keyword(s):  
Social Networks ◽  
Rent Seeking ◽  
Land Market ◽  
Land Markets ◽  
Rural Land ◽  
Tax System ◽  
Land Transfer ◽  
Part Time ◽  
Market Regime

This article aims to delineate the part-time matchmaking broker in the rural land markets of Kerala, India, in the light of financialisation of land. While the land scenario in India has garnered attention with respect to urbanisation and financialisation, few studies have analysed the processes involved in rural land markets in conjuncture with financialisation. The article maps out the actors involved in rural land markets so as to trace the role of intermediary brokers, their intricate processes of intermediation and their implications, to understand the process of mediation in the working of rural land markets. Rural land market functioning is analysed in the backdrop of a tax-evading land transfer tax system and brokers who are mainly matchmakers that augment speculative land market activity. In this scenario, the study analyses the various types of intermediaries by revealing how the ‘part-time matchmaking broker’ uses social networks to mediate speculative land purchases in a financialised rural land market regime. The article concludes by drawing attention to the rent-seeking behaviour associated with intermediaries.

Religion: productive or unproductive?

2013 ◽  
Vol 10 (1) ◽  
pp. 21-45 ◽  
Author(s):  
TRAVIS WISEMAN ◽  
ANDREW YOUNG
Keyword(s):  
Cross Section ◽  
Church Attendance ◽  
State Level ◽  
Informal Institutions ◽  
Rent Seeking ◽  
Entrepreneurial Activity ◽  
Level Data

Abstract:In this paper, we investigate the relationships between informal institutions – proxied for by measures of religiosity – and levels of entrepreneurial activity, both productive and unproductive, using cross-section US state-level data. In doing so, we evaluate Baumol's (1990) conjectures on the role of institutions in determining whether entrepreneurs will channel their efforts toward wealth-generating activities or toward zero- or negative-sum rent-seeking. We distinguish between measures of both the belief (e.g., the frequency of prayer) and belonging (e.g., church attendance) that have been stressed by authors such as Barro and McCleary (2003). We find that several religious variables significantly and negatively correlate with a state's productive entrepreneurship score. Alternatively, most religious variables in our data do not correlate significantly with unproductive entrepreneurship. We also find that the percent of individuals reporting as atheist/agnostic is positively associated with productive entrepreneurship.

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