What is economic rent and why is it important?
An economic rent is an excess income above the normal levels in competitive markets. Economic rent is caused by possession of a scarce or exclusive factor. Examples of natural scarce…
Definitions of economic rent by Adam Smith, Ricardo and others
Adam Smith (1776), The Wealth of Nations, chapter 6: "As soon as the land of any country has all become private property, the landlords, like all other men, love to…