He in fact coined the phrase ˜directly non-productive economic activities’ to describe India’s vast-spread rent- seeking economy.
Rent-Seeking is as Harmful as Money Laundering
Like money laundering, rent-seeking too is harmful, injurious and inimical to the good health of an economy.
However, the irony has been that, politicians in both developing and developed countries, while taking action on a global basis to outlaw money laundering, have by word and by deed promoted opportunities for ˜rent- seeking’ in their respective economies.
Hence, the recommendation which mainstream economists often make to policy makers in governments that a full-stop should be placed to rent-seeking if an economy is to grow on a sustainable basis has been largely left