Tag: Political Economy
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Common Knowledge
Common knowledge is information presumed known within a specific group, aiding in effective communication and social cohesion. It varies by cultural, professional, and universal contexts, and is influenced by education, media, and social networks.
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Rent-Seeking
Rent-seeking is when someone tries to get a larger slice of the wealth pie, instead of making the pie bigger. It can lead to unfair advantages and slow economic growth. It’s hard to distinguish from normal business, impacts innovation, and can create income inequality, especially in countries with weak governance.