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- Economic_rent abstract "In economics, economic rent is any payment to a factor of production in excess of its opportunity cost. Economic rent should not be confounded or confused with opportunity cost, producer surplus, or normal profit in that all of these other terms involve productive human action. Economic rent is the cost of non-produced inputs or advantages; the result of natural or contrived exclusivity.In regard to labor, economic rent could be created by the existence of guilds or labor unions (e.g., higher pay for workers, where political action creates a scarcity of such workers); for a produced commodity, economic rent may also be due to the legal ownership of a patent (a politically enforced right to the use of a process or ingredient); for operating licenses, it is the cost of permits and licenses that are politically controlled as to their number regardless of competence and willingness of those who wish to compete in the area being licensed; for most other production including agriculture, and extractions, economic rent is due to scarcity of natural resources (e.g., land, oil or minerals). When economic rent is privatized, the recipient of economic rent is referred to as a rentier.By contrast, in production theory, if there is no exclusivity and there is perfect competition, there are no economic rents, as competition drives prices down to their floor.Economic rent is different from other unearned and passive income, including contract rent. This distinction has important implications for public revenue and tax policy. As long as there is sufficient accounting profit, governments can collect a portion of economic rent for the purpose of public finance. For example, economic rent can be collected by a government as royalties or extraction fees in the case of resources such as minerals and oil and gas.Historically, theories of rent have always applied to rent received by different factor owners within a single economy. Hossein Mahdavy was the first to introduce the concept of "External rent" whereby one economy received rent from other economies.".
- Economic_rent wikiPageExternalLink Source-Of-Agricultural-Economic-Rent.html.
- Economic_rent wikiPageExternalLink www.Rent-seeking.net.
- Economic_rent wikiPageExternalLink rent.
- Economic_rent wikiPageExternalLink artofrent.htm.
- Economic_rent wikiPageID "216664".
- Economic_rent wikiPageRevisionID "606634961".
- Economic_rent hasPhotoCollection Economic_rent.
- Economic_rent subject Category:Economics.
- Economic_rent subject Category:Political_economy.
- Economic_rent subject Category:Public_choice_theory.
- Economic_rent subject Category:Renting.
- Economic_rent subject Category:Scarcity.
- Economic_rent comment "In economics, economic rent is any payment to a factor of production in excess of its opportunity cost. Economic rent should not be confounded or confused with opportunity cost, producer surplus, or normal profit in that all of these other terms involve productive human action.".
- Economic_rent label "Economic rent".
- Economic_rent label "Grundrententheorie".
- Economic_rent label "Rendita (economia)".
- Economic_rent label "Renta ekonomiczna".
- Economic_rent label "Rente de situation".
- Economic_rent label "Surpluswinst".
- Economic_rent label "Рента".
- Economic_rent label "ريع (اقتصاد)".
- Economic_rent label "地代".
- Economic_rent label "經濟租".
- Economic_rent sameAs Grundrententheorie.
- Economic_rent sameAs Rente_de_situation.
- Economic_rent sameAs Rendita_(economia).
- Economic_rent sameAs 地代.
- Economic_rent sameAs Surpluswinst.
- Economic_rent sameAs Renta_ekonomiczna.
- Economic_rent sameAs m.01fqkr.
- Economic_rent sameAs Q264259.
- Economic_rent sameAs Q264259.
- Economic_rent wasDerivedFrom Economic_rent?oldid=606634961.
- Economic_rent isPrimaryTopicOf Economic_rent.