Technological Progress and Rent Seeking
研究了企业如何在创造剩余的生产活动和攫取剩余的寻租活动之间分配资源，发现行业技术进步（如数据收集与处理）会导致资源不成比例地流向寻租活动，从而削弱技术进步对经济进步的推动作用。
Abstract We model firms’ allocation of resources across surplus-creating (ie, productive) and surplus-appropriating (ie, rent-seeking) activities. Our model predicts that industry-wide technological advancements, such as recent progress in data collection and processing, induce a disproportionate and socially inefficient reallocation of resources toward surplus-appropriating activities. As technology improves, firms rely more on appropriation to obtain their profits, thereby endogenously reducing the impact of technological progress on economic progress and inflating the price of the resources used for both types of activities. Our theoretical insights shed light on the rise of high-frequency trading.