Economic rent is defined as "the payment to a factor of production in excess of what is required to keep that factor in its present use"
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David Ricardo introduced the term “rent” in economics. It means the payment to a factor of production in excess of what is required to keep that factor in its present useRent Seeking: The Concise Encyclopedia of Economics | Library of Economics and Liberty Added on 2010-02-21 17:23:24 by carlgAdded on 2010-02-21 17:23:25 by carlg
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