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Raymond V. McNally / Three Theories of Rent Rent is not a differential except in the sense that the price of anything is a differential, for if the foregoing reasoning is correct, the margin cannot be considered as a factor in determining rent. To claim that the private collection of rent leaves men no alternative but to get off the earth (something which by their very nature they cannot do) is to assume that there is a scarcity of land in the aggregate, either natural or artificial. Rent would be fixed by the market, they say, but apparently it would be a different kind of market than the one that now fixes the value of private services. www.cooperativeindividualism.org /mcnally-raymond_theories-of-rent.html   (3731 words)

Ricardian rent as one of the three components of the urban rent: Ricardian rent as one of the three components of the urban rent: Housing rent consists of agricultural rent and annualized construction cost. The closer the house is to the center, the higher is the rent. grove.ufl.edu /~toda/UrbanEco/0123Lec.htm   (292 words)

Definition of Rent from dictionary.net Economic rent is due partly to differences of productivity, but chiefly to advantages of location; it is equivalent to ordinary or commercial rent less interest on improvements, and nearly equivalent to ground rent. Rent charge (Law), a rent reserved on a conveyance of land in fee simple, or granted out of lands by deed; -- so called because, by a covenant or clause in the deed of conveyance, the land is charged with a distress for the payment of it. To grant the possession and enjoyment of, for a rent; to lease; as, the owwner of an estate or house rents it. www.dictionary.net /rent   (479 words)

Fetter, Capital, Interest, and Rent, Part 3, Essay 4: Library of Economics and Liberty Adam Smith's views on rent were far less affected by his physiocratic contemporaries than were those of English economists a generation later, for Smith saw in the magic power of division of labor rather than in the powers of land the bountiful source of the wealth of nations. The subsequent history of the rent doctrine is largely a record of hostile criticism of these inconsistencies in the Ricardian theory and of the attempts of Ricardian apologists, such as J. Mill, J. Cairnes and others of the neoclassical school, to qualify, reconcile and evade its logical consequences. Rent would thus be defined as: the amount paid by contract for the use of the durative (separable) uses of a more or less durable agent (use bearer), entrusted by an owner to a borrower for a limited period, to be returned in equally good condition except for ordinary wear and tear. www.econlib.org /library/NPDBooks/Fetter/ftCIR21.html   (2008 words)

[No title] The rent of land appears to differ in degree rather than in kind from the net income yielded by other agents of production, the supply of which may be taken as fixed for the time under discussion, whether that be long or short. The fundamental importance attached to the mere half-truth that the rent of land is, in each particular case, predominately the result or consequence of the price of its produce, and conversely that rent does not directly enter as a cause into the price of produce, is an excellent example of this kind of fallacy. We have spoken of the rent of land, for instance, with reference to agricultural produce in general, and without reference to the competition between crops for the occupation of the land. socserv2.socsci.mcmaster.ca /~econ/ugcm/3ll3/marshall/rent   (4306 words)

Samuel M. Levin / The Challenge of Henry George It is this rent theory which led George to concern himself with the idea of a tax which offered a means of reacquiring the rent of land for public use, nullifying the special advantages enjoyed by the landlord. In other words, the rising tendency with respect to rent was at the expense of both the owner of capital and the worker. In other words, the seeds of disease were scattered in the economic organism resulting, on the one hand, in the victimization of the productive classes, and on the other, in the enrichment and enhancement of the land owning class which had nothing of a productive character to show for what it acquired. www.cooperativeindividualism.org /levin_samuel_on_henry_george.html   (894 words)

Fetter, Capital, Interest, and Rent, Part 3, Essay 3: Library of Economics and Liberty The Ricardian rent doctrine was really a study in the valuation of complementary agents by the residual method; the costs on the rent land being reckoned from those on the no-rent land where there was no surplus above costs—on the marginal land, as it has been called recently. The moment that a new general rent level is reached (in imagination or in reality) as a result of technological changes causing a different proportion of input to be generally the more economic, the other points and levels become impossible choices for the individual. In sum, the static increasing returns, the effects of which upon rent it is the purpose of the article to elucidate, have no existence excepting in the whimsical sense of the correction by an enterpriser of successive costly blunders. www.econlib.org /LIBRARY/NPDBooks/Fetter/ftCIR20.html   (1813 words)

Accounting for Subsoil Mineral Resources BEA estimates the value of the nation's stock of mineral reserves, after deduction of associated capital, to be between $471 billion (current rent method I) and $916 billion (current rent method II) for 1991; this figure amounts to between 3 and 7 percent of the value of produced assets (existing produced structures, equipment, and inventories). The current rent and discounted present value valuation approaches used by BEA to calculate resource stock and flow values are similar to those employed in other countries, with current rent method I being used most widely. The distinction is also necessary when applying current rent method II, under which the value of associated fixed capital is deducted from the value of the reserve, and which therefore applies properly only to those reserves for which all fixed capital needed to extract the reserves is already in place. www.bea.gov /bea/an/0200srm/maintext.htm   (16026 words)

RE 301 - Bidrent   (Site not responding. Last check: 2007-10-10) The basic principle is simple: Rent is payment for the use of someone else's land. Rent is a "stream of income", A stream of income creates value. The concept is that Rent is the amount left over, that which can be "bid" for the use of land. members.cox.net /brown445x/301/301_topics_bidrent.htm   (699 words)

Wealth and Want: Rent as God's Provisioning for All Thus, to relieve labor and capital from all taxation, direct and indirect, and to throw the burden upon rent, would be, as far as it went, to counteract this tendency to inequality, and, if it went so far as to take in taxation the whole of rent, the cause of inequality would be totally destroyed. Thus, as material progress tends to increase rent, were rent taken by the community for common purposes the very cause which now tends to produce inequality as material progress goes on would then tend to produce greater and greater equality. Hence rent was the community’s entitlement and not that of individuals, and the land rent that accrued to parcels as a result of social investment should be returned to — recaptured by — the community. www.wealthandwant.com /themes/Rent_as_God's_Provisioning.html   (6780 words)

Brad DeLong's Semi-Daily Journal: Roofs or Ceilings? Rent ceilings, therefore, cause haphazard and arbitrary allocation of space, inefficient use of space, retardation of new construction and indefinite continuance of rent ceilings, or subsidization of new construction and a future depression in residential building. I raise the rent each year by the amount of the annual tax increase (we don't have prop 13 and we get evaluated every three years, with the increases spread over the three years in between). The most important "rent control" is the one that says that landowners get to pocket Ricardian land rent in return for nothing (except for a little land tax that in most jurisdictions is far smaller than the land rent). delong.typepad.com /sdj/2005/04/roofs_or_ceilin.html   (1235 words)

Ricardian equivalence - Wikipedia, the free encyclopedia Ricardian equivalence, (also known as Barro-Ricardo equivalence proposition or Ricardian rent), is an economic theory which suggests that government budget deficits do not affect the total level of demand in an economy. Ricardian Equivalence suggests that government attempts to influence demand using fiscal policy will prove fruitless. Ricardian equivalence states that a deficit-financed increase in government spending will not lead to an increase in aggregate demand. en.wikipedia.org /wiki/Ricardian_equivalence   (748 words)

Natural Rights vs Taxable Rights   (Site not responding. Last check: 2007-10-10) The precise split of the bid-ask spread used should be derived from Ricardian Rent theory in conjunction with Public Choice theory. Other forms of taxation could be eliminated in a revenue neutral way if net assets, in excess of subsistence levels, were taxed at the risk free interest rate (approximately the interest rate on the national debt), this being the Ricardian rent of the public sector and basis for Modern Portfolio theory. Indeed, given the centralization of asset ownership that has resulted from the subsidy of non-subsistence property, a subsidy inherent in civilization, it may be the failure to use this tax base is the ultimate cause of the repeated decay of civilizations from ancient times. www.geocities.com /jim_bowery/NaturalVsTaxableRights.html   (404 words)

Estimating Timber Depreciation in the Brazilian Amazon The static part of the rent is called the differential or Ricardian rent. It is analogous to the Ricardian "diminishing returns" and it is viewed as a static surplus. The dynamic component of the total rent, the scarcity or Hotelling rent, is related to the characteristics of exhaustible resources. www.fao.org /DOCREP/005/AB601E/AB601E06.htm   (1467 words)

Chapter One--The Marginalist Assault on Classical Political Economy: Assessment and Counter-Attack But to the extent that the scarcity is artificial, resulting from government or absentee landlord restrictions on access to vacant land, or landlord rent on those actually occupying and using land, the mutualist contention is that such rent is a deviation from normal exchange-value caused by unequal exchange. He distinguished between competitive disabilities which resulted from "human meddlesomeness," and those which did not.55 Unlike usury and landlord rent, which resulted from the coercively-maintained legal privilege of owners of capital and land, the remaining forms of producer surplus resulted only from general circumstances or "acts of God," and were therefore not exploitative. For although he and his chief followers were aware that the conditions of demand played as important a part as those of supply in determining value, yet they did not express their meaning with sufficient clearness, and they have been misunderstood by all but the most careful readers. mutualist.org /id70.html   (13309 words)

David Ricardo's Contributions to Economics   (Site not responding. Last check: 2007-10-10) The poorest land utilized for agriculture receives no rent, with all of its earnings going to cover labor and capital costs. The difference between the output from the least fertile land which can still be farmed and that of a higher quality constitutes the source of rent on the better land. As the population grows, poorer land must be cultivated in order to meet the growing demand. www.victorianweb.org /economics/ric.html   (534 words)

rent. The Columbia Encyclopedia, Sixth Edition. 2001-05 They believed that rent was measured by the net product, i.e., the surplus over the cost of production. Ricardo attacked Smith for putting rent on the same footing with wages and profits as one of the costs of production. Economic rent is the difference between the compensation for a factor of production and the amount necessary to keep it in its current occupation. www.bartleby.com /65/re/rent.html   (492 words)

Law of Rent - Wikipedia, the free encyclopedia It was the first clear exposition of the source and magnitude of land rents, and is among the most important and firmly established principles of economics. The Law of Rent states that the rent of a land site is equal to the economic advantage obtained by using the site in its most productive use, relative to the advantage obtained by using marginal (i.e., the best rent-free) land for the same purpose, given the same inputs of labor and capital. Indeed, the Law of Rent explains why the Iron Law of Wages consistently fails to predict actual wages: if there are highly productive land sites available for free, wages will tend to be high, cet.par.; if the only available free land yields little, wages will tend to be lower. en.wikipedia.org /wiki/Ricardian_rent   (387 words)

Glossary R Theory of Rent (Ch.2, "On Rent") [Ricardian theory of rent explains rent in terms of fertility differences] Rent is that portion of the produce of the earth, which is paid to the landlord for the use of the original and indestructible powers of the soil. It is often, however, confounded with the interest and profit of capital, and, in popular language, the term is applied to whatever is annually paid by a farmer to his landlord. faculty.washington.edu /krumme/gloss/r.html   (1411 words)

THE ENERGY CHARTER TREATY:   (Site not responding. Last check: 2007-10-10) According to Ricardian rent theory, the price of natural resources is determined just like that of all other goods: by its marginal production cost including the usual profit. Ricardian rent theory is obviously wrong in assuming that competition between landowners would suffice to guarantee a smooth and frictionless flow of investment. Still, there may be a groundrent, but only if there are ex­traordinary profits and, of course, the groundrent-collecting device has to conform to Ricar­dian rent theory. www.isanet.org /archive/mommer.html   (1793 words)

International Economics Glossary: R   (Site not responding. Last check: 2007-10-10) This includes the Ricardian Model, the Heckscher-Ohlin Model, and the models of the New Trade Theory. On the world PPF of a two-country, 2-good Ricardian Model, the point at which each country is specialized in production of a different good; the kink of the world PPF. A specific factors model with a single specific factor in each industry and one mobile factor, named after two of the many who used this as the standard model of trade prior to the Heckscher-Ohlin Model. www-personal.umich.edu /~alandear/glossary/r.html   (2775 words)

The Neglect of Bastiat's School by English-speaking Economists - Mises Institute But the decay of Ricardian economics and the ensuing twenty years or so of doctrinal ferment did nothing to enhance appreciation for the contributions of the liberal school in Great Britain, despite Jevons's heroic efforts to rehabilitate the reputation of various liberal economists, including Say and Bastiat, as important forerunners of the marginalist revolution. After all, Ricardian ideas never gained a firm foothold in the United States to begin with and the views of Jefferson and the Jeffersonian and Jacksonian political economists were molded by the writings of Say and the French Ideologue and liberal Destutt de Tracy. The new movement, then, on the whole, although represented by impassioned advocates as a revolution which is to sweep the ground clear and give the world a new political economy, is, in fact, a development of the existing science, under the influence of a strong reaction against tendencies which had prematurely checked its advance…. www.mises.org /story/2228   (14389 words)

[No title] Ricardian rent is the long-run profits earned by owners of low-cost firms. Controls were adopted in man U.S. and European cities in response to rapidly rising rents during World War II which continued after the war in several European countries and New York City. The division of the resulting rents were determined by the Japanese government. www.k-state.edu /economics/ramesh/E520CHP9.HTM   (2699 words)

luxury homes for rent   (Site not responding. Last check: 2007-10-10) [Short for parent.] Our Living Language When young people talk about their rents, that is, their parents, they are using a slang term that is of interest to language historians, if not necessarily thrilling for parents themselves. To pull, split, or divide as if by tearing: “Chip was rent between the impulse to laugh wildly and a bitterness that threatened hot tears” (Louis Auchincloss). To pierce or disturb with sound: a scream rent the silence. www.floridaluxurywaterfronthomes.com /luxury-homes-for-rent.htm   (3605 words)

HES: DISC--The George Discussion The central issue concerns the definition of economic/Ricardian rent as the return to an owner of an asset in permanent or temporary inelasticity of supply. I believe, and have believed since my undergraduate days, that economic rent as a positive proposition has not been shown to be wrong and to have been routed, as Pat says. Inasmuch as George's analysis and proposal was considered anathema by the landed aristocracy and others, in England and elsewhere, to be seen as pro-Georgist made one subversive in their eyes. eh.net /pipermail/hes/2006-June/006461.html   (1794 words)

Re: HES: DISC -- What is something worth? The difference is Ricardian rent; a pure surplus arising from its fixity and scarcity relative to demand. Unlike commodities, a rise in the price of land has no tendency to be reversed by a rise in supply (though land-saving innovations might shift down the demand). Intra-marginal land might attract high rents, but you could use it for either corn or potatoes, or for an office or a cinema. eh.net /lists/archives/hes/feb-2004/0063.php   (284 words)

Kleptocracy (via CobWeb/3.1 planetlab1.isi.jhu.edu)   (Site not responding. Last check: 2007-10-10) diamonds and oil in a few prominent cases) can be particularly prone to kleptocracy, as the kleptocrats simply tax the Ricardian rent. Historically, the socio-political environment associated with colonial rule - in particular the dominance of colonial economies by a small number of commodities - has been particularly conducive to the later creation of kleptocracies, especially in Africa and South America. The use of kleptocracy in this context privileges one form of rent seeking over all others that are a normal concomitant of democracy. kleptocracy.iqnaut.net.cob-web.org:8888   (450 words)

Brad DeLong's Semi-Daily Journal: A Weblog: Worries About the Bush Administration With prices of property assetts rising quicker than rents property generates the governments rake is a higher and higher percentage of rents. On the other hand, the implicit income due to the homeowner paying rent to himself (in owner occupied housing) is not taxed, again a bias in favor of smaller units and wealthier people. The scarcity factor is an odd part of land rent which, while it incetivizes some forsight and community improvment more often than not accrues due to acts the landholder had no influence on or perhaps even fought. www.j-bradford-delong.net /movable_type/2005-3_archives/000081.html   (3324 words)

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