[OPE-L:2075] Re: Gold (Questions)

From: Duncan K. Foley (foleyd@cepa.newschool.edu)
Date: Sun Jan 09 2000 - 20:49:12 EST

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I always thought "absolute rent" was a remnant of feudalism, a monopoly
charge sustained by a formal or informal collusion of landowners. Was it a
feature of California in the 1840s or Alaska in the 1890s?


>Why must one assume that the gold producers earn(ed) no absolute
>rent? That is, if the marginal gold producer earns only the average rate
>of profit, then his production produces no rent. Must this happen?
>Why? Is this a natural thing or social determined concept or something
>necessary to preserve the idea of a computable equilibrium rate of
>What of other producers in sectors that earn rent?

Duncan K. Foley
Department of Economics
Graduate Faculty
New School University
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