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A study in the theory of rent reviewing the significant developments in the field during the first half of the twentieth century. Specifically addresses the classical rent concept, further developments in the theory of land rent, extended and integrated concepts of rent, controversial issues related to rent, and evolutionary trends in the theory of rent.
The concepts of rents and rent-seeking are central to any discussion of the processes of economic development. Yet conventional models of rent-seeking are unable to explain how it can drive decades of rapid growth in some countries, and at other times be associated with spectacular economic crises. This book argues that the rent-seeking framework has to be radically extended by incorporating insights developed by political scientists, institutional economists and political economists if it is to explain the anomalous role played by rent-seeking in Asian countries. It includes detailed analysis of Thailand, Malaysia, the Philippines, the Indian sub-continent, Indonesia and South Korea. This new critical and multidisciplinary approach has important policy implications for the debates over institutional reform in developing countries. It brings together leading international scholars in economics and political science, and will be of great interest to readers in the social sciences and Asian studies in general.
This collection brings together the classic papers on the economics of rent seeking. These papers date from Gordon Tullock's original 1967 paper which first put forth the idea that the pursuit of transfers was socially costly. Other classic papers by Anne Krueger and Richard Posner are included, as well as a series of more recent papers which trace the evolution of the literature on this important innovation in economic theory.
In 'An Inquiry into the Nature and Progress of Rent, and the Principles by Which It is Regulated' economist Thomas Malthus explores the crucial role that land rent plays in national revenue and the economy. Malthus delves into the causes of high raw produce prices and the laws governing rent, arguing that previous economists have overlooked key distinctions between rent and monopolies. This insightful and thought-provoking essay sheds light on an often-overlooked aspect of economic theory and is a must-read for anyone interested in the subject.
Why are house prices in many advanced economies rising faster than incomes? Why isn’t land and location taught or seen as important in modern economics? What is the relationship between the financial system and land? In this accessible but provocative guide to the economics of land and housing, the authors reveal how many of the key challenges facing modern economies - including housing crises, financial instability and growing inequalities - are intimately tied to the land economy. Looking at the ways in which discussions of land have been routinely excluded from both housing policy and economic theory, the authors show that in order to tackle these increasingly pressing issues a major rethink by both politicians and economists is required.
It is now twenty years since the concept of rent-seeking was first devised by Gordon Tullock, though he was not responsible for coining the phrase itself. His initial insight has burgeoned over two decades into a major research program which has had an impact not only on public choice, but also on the related disciplines of economics, political science, and law and economics. The reach of the insight has proved to be universal, with relevance not just for the democracies, but also, and arguably more important, for all forms of autocracy, irrespective of ideological com plexion. It is not surprising, therefore, that this volume is the third edited publication dedicated specifically to scholar...