Re: Economic Rent As Sum of Externalities

On Wed, 30 May 2007 19:11:16 -0400, Les Cargill wrote:

James A. Bowery wrote:

I've previously proposed a calculable definition of economic rent in
terms of modern portfolio theory's risk free interest rate.

I'd like to propose another way of defining economic rent that is less
calculable but perhaps more accurate and concise:

Economic rent is the sum of all externalities.

The reason I think this definition is worth paying attention to, aside
from it being more accurate and concise, is that the theory of
externalities is developing due to the need for better public policy
controlling environmental impact.



Nope - at least pure agricultural Ricardian rent isn't about
externalities at all. Seems odd that the core clasical example
would fail this test if the test is any good.

What failed???

--
"I know no safe depository of the ultimate powers
of society but the people themselves; and
if we think them not enlightened enough to
exercise their control with a wholesome
discretion, the remedy is not to take it from
them, but to inform their discretion by
education." - Thomas Jefferson
http://GreaterVoice.org

.

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