Re: Economic Rent As Sum of Externalities

<royls@xxxxxxxxx> wrote in message ...
On 30 May 2007 08:04:23 -0700, "James A. Bowery" wrote:

<snip>

Seems to me we can separate two kinds of rent. Owning a piece of land in its
original state (good farmland, a mountain pass) would yield the usual
definition of rent, and raises the issue of fairness (how did people get
ownership in the first place?)

But if you look at a city, an empty lot in a nice neighborhood is worth a
lot of money. Clearly the increased value is caused by the surroundings,
which I suppose is an externality.
Trying to figure out who is responsible for the increased value would be
difficult.

Dan in Philly


.

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