Rent seeking

I often use the term rent seeking. I realize that unless you were in an economics class recently, or listening to my boy Russ on EconTalk you might not realize what that actually means. Rent seeking is the extraction of uncompensated value from others without making any contribution to productivity. This is compared to profit seeking when two parties enter into a mutually beneficial transaction where both parties are better off after the transaction.

Rent seeking is often associated with monopolies that extract profit through their monopolistic position rather than providing value to the consuming party. I usually use the term to describe politicians that are seeking to provide government services to their constituents (uncompensated value) while making no contribution personally. Politicians love to take credit for the millions of jobs "they" created or or the great health care benefits they provided. These services and benefits to their constituents never come at any cost to them; however, the notoriety and goodwill they create are attributed to them regardless of any personal contribution. Be wary of rent seekers from all political parties as their incentive to act in this manner is great and thier inhibitions are scarce.