The latest EconTalk is Mike Munger talking about rent-seeking . If public rent-seeking is wasteful, isn’t private competition wasteful as well? Consider all the failed companies outperformed by the iPod. Weren’t all those efforts wasteful? Mike and I discuss the similarities and differences. The opening of the podcast looks at issues of public transportation–Mike talks about his recent trip to Chile and looks at how the reform of the Santiago bus system is going.