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Italian Labor Market

Rent seeking also occurs when something of value (like import licenses or radio/TV franchises) is being given away or sold below its true value. In such cases potential buyers often spend large amounts “lobbying” to improve their chances of getting the prize. Indeed, a broad view of rent seeking easily covers most cases of lobbying (using real resources in efforts to gain legislative or executive “favors”).The great unifying principles of microeconomics are, ever and always, supply and demand. The normative overtone of microeconomics comes from the fact that competitive supply price represents value as seen by suppliers, and competitive demand price represents value as seen by demanders. The motivating force is that of human beings, always gravitating toward choices and arrangements that reflect their tastes. The miracle of it all is that on the basis of such simple and straightforward underpinnings, a rich tapestry of analysis, insights, and understanding can be woven. This brief article can only give its readers a glimpse—hopefully a tempting one—of the richness, beauty, and promise of that tapestry.