Diagrammatic Illustration of the Ricardian Theory of Rent

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Diagrammatic Illustration of the Pericardia Theory of Rent The following diagram  illustrates the Pericardia theory of rent. These four figures show how much rent each ‘grade of land yields. indicates A-grade land which is the most superior land. shows the By grade land which is next best.  shows the C-grade land W  shows D-grade land which is the least productive land or which is […]

Differential Rent

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Differential Rent How this surplus arises may be illustrated by an example. Suppose, in a country, there arc four kinds of land – 1\, B. C and D. Some pieces of land are more fertile than other and some areas are more advantageously situated as regards centres of population and means of transport. etc. But taking allthc factors into consideration, Ict […]

RICARDIAN THEORY OF RENT

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RICARDIAN THEORY OF RENT  How Does Relit Arise? More than a century ago. David Ricardo supplied the answer in the Theory of Rent associated with his name. Ricardo defined rent as follows: “Rent is that portion of the produce of thc earth which is paid to the landlord for the use of thc uriginal and iudestructible pU\\’CJ’s of the soil.” Economic […]

Rent and Transfer Earning

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Rent and Transfer Earning Modern economists make use f the transfer earnings in explaining econ m   explained in a previous . I tra carui.igs represent the amount which a factor” r c n in its next best paid alternative use. Suppose, c or land yields in its present lISC Rs. 500 a year suppose further that if it is […]

Rent us Surplus

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Rent us Surplus In Economics. the tenn ‘rent’ is being increasingly used in the sense of a surplus i.e.. what a factor of production earns over and above what is essential to maintain its supplies in its present occupation. It can be easily understood. But when the’ supply or a factor is not perfectly responsive to changes in […]

Economic Rent and Contract Rent

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Economic Rent and Contract  Rent  The payment that an agriculturist tenant actually makes to the landlord is not ncccssarily equal to this economic rent. A parl of this payment may consist of interest on capital invested in the land by the owner in the form of buildings. fences, drainage, wells, etc. That part of the payment which is […]

RENT

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RENT  MEANING OF RENT In Ordinary speech. the term ‘rent’ is used in a wide sense to mean a hiring charge, e,g  rent of a house, n tonga or n machine. But, in Economics, tent, or rent as it is called, is used in a special sense. It refers to thaT part of The ,Yemen by a tenant […]