"Rent seeking [...] is an economic concept that occurs when an entity seeks to gain added wealth without any reciprocal contribution of productivity."
"Rent seeking [...] is an economic concept that occurs when an entity seeks to gain added wealth without any reciprocal contribution of productivity."
As a buyer, I care about my cost and the value I receive. I don’t demand to see proof of costs incurred or effort expended on the part of the seller to understand whether I got value in excess of my cost.
When I pay my house insurance or mortgage, I don’t ask the insurer or bank to show me any proof of anything. They’re not rent-seeking in economic terms.
That's a personal opinion, which I disagree with, and is additionally economically unsustainable. But you're free to have that opinion - the problem is sli actively misleading others by using a term like "rent-seeking" with a specific definition where it is categorically incorrect.