Comments, observations and thoughts from two bloggers on applied statistics, higher education and epidemiology. Joseph is an associate professor. Mark is a professional statistician and former math teacher.
Tuesday, January 4, 2011
Definition of the Day
I hear a lot about "rent-seeking" and have been looking for a very straightforward definition. This is one from Maxine Udall:
The excess of profits over what they would be in a competitive market is called economic rents.