Economic rent
In neoclassical economics, economic rent refers to any payment (in the context of a market transaction) made to the owner of a factor of production or resource whose supply is fixed. [1] In classical economics, economic rent is any payment made or benefits received for non-produced, scarce inputs such as location (as in a land lot) and/or assets which are formed by creating official exclusive privileges over natural opportunities and resources.
References
[change | change source]- ↑ Alchian, Armen A. (2017), "Rent", The New Palgrave Dictionary of Economics, London: Palgrave Macmillan UK, pp. 1–6, doi:10.1057/978-1-349-95121-5_1738-2, ISBN 978-1-349-95121-5, retrieved 2024-08-17
