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The paper defines "rents" differently than its common meaning (e.g. the monthly payment for an apartment). "this upward redistribution comes from the growth of
by MilnerRoute 11y ago
The paper defines "rents" differently than its common meaning (e.g. the monthly payment for an apartment).
"this upward redistribution comes from the growth of rents in the economy in four major areas: patent and copyright protection, the financial sector, the pay of CEOs and other top executives, and protectionist measures that have boosted the pay of doctors and other highly educated professionals."
The Medium blogger seems to only be talking about housing.
- Mikeb85 11y agoIt's defined as 'economic rent', of which housing rent is a type. "In classical economics, economic rent is any payment made (including imputed value) or benefit received for non-produced inputs such as location (land) and for assets formed by creating official privilege over natural opportunities (e.g., patents)." https://en.wikipedia.org/wiki/Economic_rent https://en.wikipedia.org/wiki/Economic_rent
- ArkyBeagle 11y agoRack rent ( the sort you pay your landlord) is distinct from (Ricardian) land rents. FTA:"The argument on rents is important because, if correct, it means that there is nothing intrinsic to capitalism that led to this rapid rise in inequality, as for example argued by Thomas Piketty." I find Baker mostly moderate and nicely curmudgeonly.