Economic rent

In economics, economic rent is any payment to the owner of a factor of production in excess of the costs needed to bring that factor into production.^[1] In classical economics, economic rent is any payment made (including imputed value) or benefit received for non-produced inputs such as location (land) and for assets formed by creating official privilege over natural opportunities (e.g., patents). In the moral economy of neoclassical economics, assuming the market is natural, and does not come about by state and social contrivance, economic rent includes income gained by labor or state beneficiaries or other "contrived" exclusivity, such as labor guilds and unofficial corruption.^[2]

^ "Economic rent – Definition & Meaning". Merriam-Webster. Retrieved 28 January 2025.
^ Alchian, Armen (2018). The New Palgrave Dictionary of Economics (3 ed.). Springer. doi:10.1057/978-1-349-95121-5_1738-2. ISBN 978-1-349-95189-5. Retrieved 7 May 2024.

[1] "Economic rent – Definition & Meaning". Merriam-Webster. Retrieved 28 January 2025.

[2] Alchian, Armen (2018). The New Palgrave Dictionary of Economics (3 ed.). Springer. doi:10.1057/978-1-349-95121-5_1738-2. ISBN 978-1-349-95189-5. Retrieved 7 May 2024.

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