Re: Economic Rent As Sum of Externalities

On May 29, 8:55 pm, r...@xxxxxxxxx wrote:
Neoclassical economists have tried to prevent people from thinking
about economic rent by redefining it according to the _amount_ of
return obtained rather than the _source_ of that return. Attributing
rent to externalities rather than privileges has a similar effect:
directing attention away from the fact that rent is the share of
production that is obtained in return for not blocking producers'
access to production opportunities that would otherwise have been
accessible.

That is in the nature of a property right. Every property right is a
"monopoly" on the use of that property hence any allowance of its use
is "not blocking producers' access production opportunities".

Monopolies aren't black and white as sources of economic rent. The
_only_ question is _how much_ of the profit stream accruing from the
monopoly on the right to use some property in production is due to
"economic rent".

.

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