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Economic rent is viewed as unearned revenue [2] while economic profit is a narrower term describing surplus income earned by choosing between risk-adjusted alternatives. Unlike economic profit, economic rent cannot be theoretically eliminated by competition because any actions the recipient of the income may take such as improving the object to ...
Rent-seeking is an attempt to obtain economic rent (i.e., the portion of income paid to a factor of production in excess of what is needed to keep it employed in its current use) by manipulating the social or political environment in which economic activities occur, rather than by creating new wealth.
Rentier capitalism is a concept in Marxist and heterodox economics to refer to rent-seeking and exploitation by companies in capitalist systems. [1] [2] [3] The term was developed by Austrian social-geograph Hans Bobek, [4] describing an economic system that was widespread in antiquity and still widespread in the middle east, where productive investments are largely lacking, the highest ...
Rentier state. In current political-science and international-relations theory, a rentier state ( / ˈrɒntieɪ / RON-tee-ay or / rɒ̃ˈtjeɪ /) is a state which derives all or a substantial portion of its national revenues from the rent paid by foreign individuals, concerns or governments. [1]
An economic theory that defines wealth by the amount of precious metals owned. [56] business cycle. Also called the economic cycle or trade cycle. The downward and upward movement of gross domestic product (GDP) around its long-term growth trend. [57] The length of a business cycle is the period of time containing a single boom and contraction ...
The economics term cost, also known as economic cost or opportunity cost, refers to the potential gain that is lost by foregoing one opportunity in order to take advantage of another. The lost potential gain is the cost of the opportunity that is accepted. Sometimes this cost is explicit: for example, if a firm pays $100 for a machine, its cost ...
List's theory of "national economics" differed from the doctrines of "individual economics" and "cosmopolitan economics" by Adam Smith and J.B. Say. List argued that Smithian critiques of mercantilism were "partly correct", but argued for the need for temporary tariff protection targeted to protect specific infant industries that were critical ...
Rent regulation is a system of laws for the rental market of dwellings, with controversial effects on affordability of housing and tenancies. Generally, a system of rent regulation involves: Price controls, limits on the rent that a landlord may charge, typically called rent control or rent stabilization. Eviction controls: codified standards ...