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In recent years, housing booms have caused ghost town phenomena in many cities such as Dublin, Madrid, Dubai, etc. This paper derives a theoretical model to illustrate how activities of producers and rent seekers affect housing price booms in city centers and surrounding areas due to overdevelopment in urban growth. Because activities of producers and rent seekers are untraceable, we propose an innovative definition that housing fundamentals and bubbles are proxies for activities of producers and rent seekers respectively. We use data on the Taipei metropolitan area from 1973 to 2012 for empirical analysis. Our results show that housing price changes diffuse from the city center to the suburbs and that changes in the city center housing bubble cause price movements in the suburbs. The housing market acts as a reward system for rent seeking activities, thereby influencing investment incentives. Interestingly, the housing bubble size in the suburbs is larger than that in the city center, verifying the prediction in theory that activities of rent seekers contribute to the bubble contagion. Finally, the current vacancy rate in the suburbs is higher than that in the city center, suggesting that bubble contagion leads to overdevelopment, which then results in the appearance of so-called ghost areas.
Rent seeking continues to be a topic of much discussion and debate within the political economy. This new study challenges previous assumptions and sets out a new analysis of the dynamics of rent and rent seeking in development, using Vietnam as a case study. This book provides an alternative approach to the study of economic development and illuminates new perspectives in a contemporary context. It argues that not only has there been an incomplete understanding of Vietnam’s industrial development over the last three decades, but that neoclassical economics do not adequately address many of the issues endangering Vietnam’s development. A significant observation of the Vietnamese experience is the analytical view that rents can be developmental and growth enhancing if the configuration of rent management incentivizes industrial upgrade and conditions firm performance. Underlining the need to reexamine how economic actors and the state collaborate through formal and informal institutions, this study fills a gap in the scholarship of the political economy of rent and rent seeking and how rents might be used for developmental purposes.
The quest for benefit from existing wealth or by seeking privileged benefit through influence over policy is known as rent seeking. Much rent seeking activity involves government and political decisions and is therefore in the domain of political econo
The concepts of rents and rent-seeking are central to any discussion of the processes of economic development. Yet conventional models of rent-seeking are unable to explain how it can drive decades of rapid growth in some countries, and at other times be associated with spectacular economic crises. This book argues that the rent-seeking framework has to be radically extended by incorporating insights developed by political scientists, institutional economists and political economists if it is to explain the anomalous role played by rent-seeking in Asian countries. It includes detailed analysis of Thailand, Malaysia, the Philippines, the Indian sub-continent, Indonesia and South Korea. This new critical and multidisciplinary approach has important policy implications for the debates over institutional reform in developing countries. It brings together leading international scholars in economics and political science, and will be of great interest to readers in the social sciences and Asian studies in general.
The last survey of the rent-seeking literature took place more than a decade ago. Since that time a great deal of new research has been published in a wide variety of journals, covering a wide variety of topics. The scope of that research is such that very few researchers will be familiar with more than a small part of contemporary research, and very few libraries will be able to provide access to the full breadth of that research. This two-volume collection provides an extensive overview of 40 years of rent-seeking research. The volumes include the foundational papers, many of which have not been in print for two decades. They include recent game-theoretic analyses of rent-seeking contests and also appHcations of the rent-seeking concepts and methodology to economic regulation, international trade policy, economic history, poUtical com petition, and other social phenomena. The new collection is more than twice as large as any previous collection and both updates and extends the earlier surveys. Volume I contains previously published research on the theory of rent-seeking contests, which is an important strand of contemporary game theory. Volume II contains previously pubHshed research that uses the theory of rent-seeking to an alyze a broad range of public policy and social science topics. The editors spent more than a year assembling possible papers and, although the selections fill two large volumes, many more papers could have been included.
In China, rent seeking has been linked to the idea of the local developmental state in which rapid economic development is explained in terms of the promotion of village and township enterprises by local cadres who wants to maximize revenue. At the same time, the rent-seeking state is also seen as the root of corrupt practices and in the creation of a political market where state assets and authorities are diverted into private interests. Despite the prevalence of rent seeking practices in present day China, no systematic study of the phenomenon across different regions and economic sectors has yet been undertaken and as such what accounts for the occurrence of the phenomenon, what range of activities are related to rent seeking practices and, more importantly, how rent seeking shapes political and economic development are barely understood. Rent Seeking in China seeks to address these questions using case studies from across economics sectors including primary industry, strategic industry, heavy industry, and light industry. It will be invaluable reading for students and scholars of Chinese politics, comparative politics and Chinese economic and business management.
The authors draw on comparative data from 10 medium sized cities and examine 40 city-supported development projects to show how city investment in, and regulation of, development projects is the most effective way for political leaders to control and shape the future of their city. 19 illustrations.
Late medieval and early modern cities are often depicted as cradles of artistic creativity and hotbeds of new material culture. Cities in renaissance Italy and in seventeenth and eighteenth-century northwestern Europe are the most obvious cases in point. But, how did this come about? Why did cities rather than rural environments produce new artistic genres, new products and new techniques? How did pre-industrial cities evolve into centres of innovation and creativity? As the most urbanized regions of continental Europe in this period, Italy and the Low Countries provide a rich source of case studies, as the contributors to this volume demonstrate. They set out to examine the relationship between institutional arrangements and regulatory mechanisms such as citizenship and guild rules and innovation and creativity in late medieval and early modern cities. They analyze whether, in what context and why regulation or deregulation influenced innovation and creativity, and what the impact was of long-term changes in the political and economic sphere.
After the collapse of the Doha Development Round of the World Trade Organization talks, agricultural subsidies and market liberalization went high on the political agenda. This work features historical documents that address the thorny relationship between trade and politics, the appropriate role of international regulation, and domestic concerns.