I was reading some remarks -- you may have seen them same -- about "rent and rent-seeking" with its implied opprobrium and realized an implication.
What such a speaker is announcing is a strange view of business. The view is a world of businesses working away, pricing whatever at marginal cost and earning "normal profits." Assuming a U-shaped average cost curve with MR = MC. How can anyone -- let alone an economist -- think about the world like that, with a few bad actors seeking rents? Strange. Gene _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
