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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?
Duncan
>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
>profit?
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>What of other producers in sectors that earn rent?
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>John
Duncan K. Foley
Department of Economics
Graduate Faculty
New School University
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New York, NY 10003
(212)-229-5906
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e-mail: foleyd@cepa.newschool.edu
alternate: foleyd@newschool.edu
webpage: http://cepa.newschool.edu/~foleyd
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