Abstract
This study looks at how rent seeking activity hobbles economic growth by giving us a good understanding of the current economic situation. It enables us to see why the existence of multiple exchange rates in developing countries have negative effects on their economic growth pattern such as misallocation of resources, rent seeking and budget problems. It helps to see how market privilege rent seeking affects the economic growth by restricting competition in the production and or sale of product or service. This research study examines the social cost of monopoly as measured by the welfare effect on the gross national product of the United States, in the early part of twentieth century. Finally, the study examines the role of lobbying activities and how resources are diverted from productive use to rent seeking results.
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