Economic rent
Difference between marginal product and opportunity cost
Summary
In economics, economic rent is any payment to the owner of a factor of production in excess of the costs needed to bring that factor into production. In classical economics, economic rent is any payment made or benefit received for non-produced inputs such as location (land) and for assets formed by creating official privilege over natural opportunities. In the moral economy of neoclassical economics, assuming the market is natural and not the product of state and social contrivance, economic rent includes income gained by labor, state beneficiaries, or other "contrived" exclusivity, such as labor guilds and unofficial corruption.
Originally created by Enchanter
4/26/2003, 12:28:49 PM
Modified
5/2/2026, 9:33:01 PM
Recent revisions
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