Re: Economic Rent As Sum of Externalities

The Trucker wrote:
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???


Classic Ricardian rent does not appear to be an externality. There
can be rent with exactly two agents.

--
Les Cargill
.

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