Re: Smith: ground rents and land rents

I am posting this from Google. According to Free Agent, I responded to
three messages in this thead on Aug 20, and those messages were
acknowledged by my new ISP's news server. None of those messages appear
to have made it to the Google archive, and Usenet has been unavailable
on my ISP since the 20th. My new ISP, Bell Sympatico, appears to deny
all knowledge of the existence of Usenet. As I can no longer post to
Usenet directly, I will have to do it through Google, which is a joke.
Anyway, I'll see if the following actually appears in the Google
archive version of the ng.

On 19 Aug 2005 10:06:30 -0700, "ruetheday@xxxxxxxxxx"
<ruetheday@xxxxxxxxxx> wrote:

>IMO, you can't really begin to define rent without talking about
>opportunity costs and barriers to entry.

IMO opportunity cost is nothing but a red herring, and probably a bogus
concept altogether. Defining rent as a return in excess of opportunity
cost has the absurd effect of making a doctor's or other highly
specialized worker's earnings almost all rent, even in the absence of
licensure or other barriers to entry. This dishonest neoclassical
redefinition of rent can only be understood as part of the sustained
effort to prevent economic science from exposing the evil of landowner
privilege.

Economic rent is more accurately and informatively defined as an
economic benefit obtained by being privileged to deny others access to
what would otherwise be accessible. It differs morally and
economically from the proceeds of robbery or extortion only in being
socially accepted.

-- Roy L

.

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