Re: Economic `Armageddon' predicted

From: Chas (chasna2_at_earthlink.net)
Date: 12/16/04 

Date: Thu, 16 Dec 2004 08:27:15 GMT

"No, I am trying to define, and talk about, a real and important
economic phenomenon. Collecting rent is not productive. To pretend
that it is the same as productive effort is simply to consciously
embrace and promulgate error."

Rent is a form of reward for productive effort. There's no free lunch in
economics. The Physiocrats believed that land was in fact the only truly
productive agent.

<royls@telus.net> wrote in message news:41bf772a.25927946@news.telus.net...
> On Tue, 14 Dec 2004 04:11:31 GMT, "Chas" <chasna2@earthlink.net>
> wrote:
>
> >"However, such redefinitions
> >will not somehow make rent collection add to the total wealth in
> >society, as productive effort does, no matter how hard those well
> >regarded economists wish, or how often they chant their mystical
> >incantations."
> >
> >Speaking of mystical incantations, you seem to be making your own
regarding
> >your use of the term "rent".
>
> No, I am trying to define, and talk about, a real and important
> economic phenomenon. Collecting rent is not productive. To pretend
> that it is the same as productive effort is simply to consciously
> embrace and promulgate error.
>
> >It, like many other economic concepts, is a
> >derived concept and therefore must be put in some relative context if it
is
> >to have some tangible meaning for the purpose of analysis.
>
> "Derived concept"? What is so hard to understand about collecting an
> economic benefit that you do not originate?
>
> -- Roy L

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