Re: Smith: ground rents and land rents

>The problem with the "opportunity costs due to barriers to entry"
>is that the barriers MUST be political force or the definition
>is no good. That I would need to study for 12 years and
>prove my ability to practice medicine so as to become a
>licensed physician may or may not be a barrier that is
>erected by political force solely to keep people out of the field.
>Certainly the lack of ability to hit home runs is a barrier to
>entry into big league baseball. But no political force is
>being used here. It seems to me that political force is
>NECESSARY to the definition of the term "economic
>rent".


The specialized knowledge and skills required to be a doctor do not
represent a barrier to entry. The wage that is therefore commanded due
to that special knowledge and skillset is not an economic rent. The
requirement for medical licensure, on the other hand, most certainly
does represent a barrier to entry. Any wage commanded in a market with
the licensure requirement above and beyond what would be commanded in a
market without that barrier to entry does represent an economic rent.

.

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