by Adam Smith's labor theory of value in a nutshell. Short.Why is is this significant now? Because rising income and wealth inequality are breathing life into defunct economists that dealt with these issues.Economic rent was front and center in classical economics and, of course, Marx. It was treated by Veblen also, who can be viewed as the forerunner of what came to be institutional economics. Economic rent is explained away in neoclassical economics (marginalism) based on marginal productivity and "just deserts" in the (free) marketplace by assuming that free markets are perfect markets, that is, minimal asymmetry of power and information.Thoughts On EconomicsAdam Smith On The Source Of Profits And Rents In The Exploitation Of The WorkerRobert Vienneau
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Adam Smith's labor theory of value in a nutshell. Short.
Why is is this significant now? Because rising income and wealth inequality are breathing life into defunct economists that dealt with these issues.
Economic rent was front and center in classical economics and, of course, Marx. It was treated by Veblen also, who can be viewed as the forerunner of what came to be institutional economics. Economic rent is explained away in neoclassical economics (marginalism) based on marginal productivity and "just deserts" in the (free) marketplace by assuming that free markets are perfect markets, that is, minimal asymmetry of power and information.
Thoughts On EconomicsAdam Smith On The Source Of Profits And Rents In The Exploitation Of The Worker
Robert Vienneau