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The law of rent states that the rent of a land site is equal to the economic advantage obtained by using the site in its most productive use, relative to the advantage obtained by using marginal (i.e., the best rent-free) land for the same purpose, given the same inputs of labor and capital.
In regard to labor, economic rent can be created by the existence of mass education, labor laws, state social reproduction supports, democracy, guilds, and labor unions (e.g., higher pay for some workers, where collective action creates a scarcity of such workers, as opposed to an ideal condition where labor competes with other factors of ...
United States labor law sets the rights and duties for employees, labor unions, and employers in the US. Labor law's basic aim is to remedy the "inequality of bargaining power" between employees and employers, especially employers "organized in the corporate or other forms of ownership association". [3]
The labor theory of property, also called the labor theory of appropriation, labor theory of ownership, labor theory of entitlement, and principle of first appropriation, is a theory of natural law that holds that property originally comes about by the exertion of labor upon natural resources.
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.
Since the financial crash of 2008, employment has improved -- especially part-time employment. Most new jobs are low-wage, seasonal gigs that don't provide the upward mobility that has been the ...
These are expensive times due to continuing inflation, which has really had a steep impact on the cost of housing. According to a recent GOBankingRates survey, 73% of people rent versus own, and ...
As GOBankingRates previously reported, a survey from the rental platform Zumper found that the median rental price of a one-bedroom unit rose 11.6% in 2021 alone, while the median price of a two ...