One form of rent-seeking that is prevalent in the political sphere is interest groups lobbying for subsidies. A subsidy is a sum of money or a tax-deduction provided to a specific industry as a form of financial support. The agricultural sector is well known for having subsidies to incentive the production of specific varieties of produce. One common example is subsidies to corn producers.
One form of rent-seeking that everyone has witnessed is workplace rent-seeking. This is where an employee attempts to avoid work or embellish their value to the company. On a team meeting yesterday, it dawned on me the subsidy phenomenon happens at work as well. I overheard a co-work with ten-years’ worth of experience complaining about their workload. This individual effectively reduced their workload through this publicly kvetching about how they were overwhelmed.
It came to me as clear as day, the Workplace Subsidy, the newest edition to the theory of workplace rent-seeking. It can be best defined as an employee seeking unjustified bonuses or unjustified relief from their workload.