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Consider the model with rent seeking as presented in class and described in the Lecture Notes: Is there a resource curse? Part 2: Institutions. Suppose

Consider the model with rent seeking as presented in class and described in the Lecture Notes: "Is there a resource curse? Part 2: Institutions". Suppose a new president comes to power and takes a fraction a of the resource rents for himself. The rest of the rents are distributed as in the model (ie divided between rent-seekers and producers)

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