Forum Post: How about A New National Holiday, Rent-Seeking Holiday, to call Attention to the Problem
Posted 4 years ago on Jan. 24, 2013, 4:25 p.m. EST by Middleaged
This content is user submitted and not an official statement
How about A New National Holiday, Rent-Seeking Holiday, to call Attention to the Problem, and Get National Education about the Grave Issues that has set upon us all.
The Problem: Much of Federal statistics on GDP include financial GDP and include money spent in Financial Schemes like Derivatives and Wall Street Gambling. IMO media focuses only on GDP for economic health.
According to Wikipedia:
In economics, rent-seeking is an attempt to obtain economic rent by manipulating the social or political environment in which economic activities occur, rather than by creating new wealth. One example is spending money on political lobbying in order to be given a share of wealth that has already been created. A famous example of rent-seeking is the limiting of access to lucrative occupations, as by medieval guilds or modern state certifications and licensures. People accused of rent seeking typically argue that they are indeed creating new wealth (or preventing the reduction of old wealth) by improving quality controls, guaranteeing that charlatans do not prey on a gullible public, and preventing bubbles.
Many current studies of rent-seeking focus on efforts to capture various monopoly privileges stemming from government regulation of a market. The term itself derives, however, from the far older practice of appropriating a portion of production by gaining ownership or control of land.
Alternatively: How about a National Holiday calling attention to GDP and how by itself it doesn't tell us anything about the Health Of the US Economy.