What is rent seeking? Ask the dino-hunters.

I haven’t had much time for blogging lately but I’m going to try to get back into the swing of things. Back in December, I had this to say in Real Clear Markets:

The eminent political economist (and my former professor) Gordon Tullock, passed away last month at the age of 92. His greatest contribution to economic understanding was a funny-sounding concept: “rent seeking.” Funny sounding or not, this idea-perhaps more than any other economic idea developed in the last century-explains what ails our moribund economy. And, as strange as this may sound, a pair of rock star dinosaur hunters form the 1880s can help us understand what exactly rent seeking is and why it’s such a problem.

You can read the rest here. FYI: I didn’t choose the title and am not crazy about it.  Dinosaur