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Rent Intensity and Economic Mediocrity

Author

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  • Raul V. Fabella

    (Professor of Economics, School of Economics, University of the Philippines Diliman)

Abstract

Using the share society as a metaphor for the economic system, we construct a microfoundation for the stylized observations about rent-seeking and economic performance. We introduce the concept of rent intensity and show that at symmetric Cournot-Nash equilibrium it falls as value-adding productivity rises, rises with rent-seeking reward and with number of participants. Finally, average output falls with population growth where rent-seeking overwhelms increasing return to scale.

Suggested Citation

  • Raul V. Fabella, 1994. "Rent Intensity and Economic Mediocrity," Philippine Review of Economics, University of the Philippines School of Economics and Philippine Economic Society, vol. 31(2), pages 73-85, December.
    • Handle: RePEc:phs:prejrn:v:31:y:1994:i:2:p:73-85
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    File URL: http://pre.econ.upd.edu.ph/index.php/pre/article/view/130/453
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