TRADE UNION AND WAGE DETERMINATION

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TRADE UNION AND WAGE DETERMINATION Establishment of a strong trade union introduces an element of monopoly in the labour market. Now. instead of each worker negotiating with the employer on the question of wages. the trade union bargains on behalf of them all. Here is a case of bilateral monopoly. Hence. determination of wages by collective bargaining is like determination of […]

Land for a Particular Use

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Land for a Particular Use We have analysed above the total demand and the total supply of land for the community as a whole. Let us now consider it from the point of a particular industry or use. For a particular use or industry, the supply of land cannot be regarded as fixed. By offering more rent, the supply can […]

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RELATION BETWEEN RENT AND PRICE According to Ricardo, rent does not enter into price. Out the modem theory of rent deviates from the Ricardum theory in this respect. Ricardo held that rent “!d n,’1 enrcr into the cost of production of the produce and hence did not affect its price. Rent rises because of the rise in price and not the other […]

Well Rent Enters Price

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Well Rent Enters Price When we are thinking. not of all the lands of the country, but of the lat available for particular uses. rent does form an element of cost and hence affects price. This is clear from the conception of the opportunity cost. Most of the land is capable of being put to alternative uses. If it is […]

Conclusion

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Conclusion  Thus. the rent If land. like the remuneration of other factors of production, i~ determined b)’ the equilibrium between dell land lot. and supply of land. In other COITUS. it  scarcity in relation to demand that determines rent. Fundamentally speaking. relight is paid for land. because the produce of and is scarce in relation to its cumuli. The scarcity of […]

Interaction of Demand and Supply

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Interaction of Demand and Supply We have analysed the demand and the supply side of land. The interaction of these forces is shown in the diagram (see Only then there can he one demand curve and line supply curve. We also ass lime perfect competition. SS supply curve. a vertical straight line. represents fixed supply. We start with DD as the […]

MODERN VIEW OF RENT OF LAND

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MODERN VIEW OF RENT OF LAND  Modern economists have furnished a bc ucr explanation of the rent of land. According to the modern view. rent is a payment for the use of land. Rent. in this sense. is obviously determined by the demand for and the supply of land. Take first the demand side. Demand tut the Use or […]

Conclusion

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Conclusion It is concluded, therefore, that the theory of no rent margin and a series of differential rents created upon true in particular cases, is a partial, not an ultimate. explanation of the phenomenon of lent. It doe n t reach the bottom of the problem. The real In Roll ls  other phony menu of enc,  through the principle of […]

Criticism of tile Ricardian Theory

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Criticism of tile Ricardian Theory The Ricardian theory of rent has been widely criticized. First. it has been pointed out that there are no “original and indestructible powers of the soil.” Good lands. after being constantly cultivated. utility to a large extent and get exhausted. To this be replied that, if after exhaustion. good lands ma nuder equally with the bad […]

Scarcity Rent

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Scarcity Rent  Besides economic rent, we have seen above, there is also scarcity rent. As the price of wheat rises. the worst land is also subjected to intensive cultivation and it yields a surplus over cost. This surplus is not a differential one compared to no-rent land, which does not exist.It is due to the scarcity of land as such. […]