RENT-BASED BEHAVIOUR AS A HINDRANCE TO POST-CRISIS ECONOMIC DEVELOPMENT

Abstract

Overcoming the crisis and lifting the national economic system out of depression in the face of significant and intensive changes in the world environment requires highlighting the most dangerous obstacles to this process. Scientists, experts, politicians argue that attention should be drawn, first and foremost, to the institutional traps that are prevalent in society. A study aimed at identifying deep-rooted values in Ukrainian society shows the spread of rent-oriented behaviour.
All subjects of rental relations are characterized by rent-oriented behavior due to rental interest, i.e., actions aimed at obtaining rental income. In the framework of institutionalism, the study of rental relations is much more complicated.
Not only rental incomes appear in the system, the formation and appropriation of which occurs as a result of natural factors, but there are various types of rents that are created artificially as a result of negative incentives for economic agents.
The process of formation and appropriation of rent is possible when the economic agent reaches a special position or monopoly power and has “negative social value”. The net loss of society from rent-seeking behavior is the cost of resources by economic agents to obtain rental income. Rent-oriented behavior can take various forms: persuasion, the use of financial resources, administrative and political tools, etc. The search for rent is an attempt to gain a special, privileged position, to monopolize access to current resources.