How Economists Duped Us into Attacking Capitalism Instead of Parasitic Rent-Seeking
By Dustin Mineau
Posted December 3, 2016
Have you ever heard of the term “economic rent”? No? That’s probably because of the greatest political coup in the history of our republic. In politics, true power comes – not from your argument – but from the ability to steer the conversation to what you want to talk about and away from what you don’t want to talk about. The true elites in our society have continued “winning” the political debate by removing a very important concept from the political conversation.
However, for anyone who actually read Adam Smith, you would note that the “invisible hand” was not his only observation of the inner workings of capitalism. Adam Smith recognized that many in the economy were making gobs of money, but weren’t contributing anything. He was referring to what was eventually called “economic rent”. More…