James M. Buchanan on Rent-Seeking: The Example of Queen Elizabeth I

„Imagine that Queen Elizabeth I, in her time, had the opportunity to give out a monopoly for playing cards within the kingdom. She knew she was going to give it to one of her courtiers. These courtiers would then all try to curry her favour. Meanwhile, they would not contribute anything to the product of the kingdom, in fact, they were wasting resources trying to secure a single prize. That, more or less, is rent seeking.“

James M. BuchananJames M. Buchanan explains rent-seeking using Queen Elizabeth I and a monopoly on playing cards in the kingdom.
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James M. Buchanan was an American economist and Nobel laureate, known for his work on public choice theory.

Quote by James M. Buchanan explains the concept of rent-seeking using a historical example.


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James M. Buchanan quote image about rent-seeking and political favors

James M. Buchanan (1919–2013) was an American economist best known for developing public choice theory, analyzing political behavior using economic principles. He was awarded the Nobel Prize in Economic Sciences in 1986.

James M. Buchanan quote about artificial scarcity and wasted resourcesCopyright © yoice.net – Quote Artwork
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"If you create an artificial scarcity through public policy, artificial rent so to speak - setting up a new import quota or giving out a particular office that is very beneficial - people are going to invest money, time and resources in trying to secure that opportunity. If the value is created independently of the search for it, the search for it is wasted." James M. Buchanan
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James M. Buchanan quote about interest groups, market solutions, voluntary exchanges, and economic libertyCopyright © yoice.net – Quote Artwork
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"Building on the public's unwillingness to act on principle in support of market solutions to apparent problems, whether real or imagined, these interest groups secure arbitrary restrictions on voluntary exchanges and, in the process, secure rents for their members while reducing both the liberties and economic well being of other members of the economic nexus, both domestically and internationally." James M. Buchanan
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Quote image featuring Ludwig von Mises on government power and its limitsCopyright © yoice.net – Quote Artwork
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"The government pretends to be endowed with the mystical power to accord favors out of an inexhaustible horn of plenty. It is both omniscient and omnipotent. It can by a magic wand create happiness and abundance. The truth is the government cannot give if it does not take from somebody." Ludwig von Mises
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Quote on government as a broker in pillage by Henry Louis MenckenCopyright © yoice.net – Quote Artwork
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"The government consists of a gang of men exactly like you and me. They have, taking one with another, no special talent for the business of government; they have only a talent for getting and holding office. Their principal device to that end is to search out groups who pant and pine for something they can't get and to promise to give it to them. Nine times out of ten that promise is worth nothing. The tenth time is made good by looting A to satisfy B. In other words, government is a broker in pillage, and every election is sort of an advance auction sale of stolen goods." Henry Louis Mencken
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