perfect restrictions regulations would be so all pervasive that rent seeking

Perfect restrictions regulations would be so all

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perfect restrictions, regulations would beso all-pervasive that rent seeking wouldbe the only route to gain. In such a system,entrepreneurs would devote all their timeand resources to capturing windfall rents.This content downloaded from 202.41.10.30 on Thu, 08 Aug 2019 13:14:02 UTCAll use subject to
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VOL. 64 NO. 3 KREUGER: RENT-SEEKING SOCIETY 303While neither of these extreme types couldever exist, one can perhaps ask whetherthere might be some point along the con-tinuum beyond which the market fails toperform its allocative function to any satis-factory degree. It will remain for furtherwork to formalize these conjectures andto test their significance. It is hoped, how-ever, that enough has been said to stimu-late interest and research on the subject.REFEREiNCESJ. Bhagwati, "On the Equivalence of Tariffsand Quotas," in his Trade, Tariffs andGrowth, London 1969.and P. Desai, Planning for Industrial-ization: A Study of India's Trade anid In-dustrial Policies Since 1950, Cambridge1970.and A. Krueger, Foreign Trade Re-gimes and Economic Development: Experi-ence and Analysis, New York forthcoming.J. R. Harris and M. P. Todaro, "Migration,Unemployment, and Development: A Two-Sector Analysis," Amer. Econ. Rev., Mar.1970, 60, 126-42.H. G. Johnson, "The Cost of Protection andthe Scientific Tariff," J. Polit. Econ., Aug.1960, 68, 327-45.A. Krueger, Foreign Trade Reginmes and Eco-nomic Development: Turkey, New York1974.J. B. Monteiro, Corruption, Bombay 1966.G. Myrdal, Asian Drama, Vol. III, New York1968.M. P. Todaro, "A Model of Labor Migrationand Urban Employment in Less DevelopedCountries," Amer. Econ. Rev., Mar. 1969,59, 138-48.R. Wraith and E. Simpkins, Corruption inDeveloping Countries, London 1963.Government of India, Planning Commission,Third Five Year Plan, New Delhi, Aug.1961.Reserve Bank of India, Report on Currencyand Finance, 1967-68.Santhanam Committee, Report on the Com-mittee on Prevention of Corruption, Gov-ernment of India, Ministry of Home Affairs,New Delhi 1964.This content downloaded from 202.41.10.30 on Thu, 08 Aug 2019 13:14:02 UTCAll use subject to
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