Rents, Efficiency and Growth

摘要: For the economist, rents refer to ‘excess incomes’ which, in simplistic models, should not exist efficient markets. More precisely, a person gets rent if he or she earns an income higher than minimum that would have accepted, being usually defined as his her next-best opportunity . A glance at real world tells us excess incomes are widespread all types of economies. Rents may take form rates return monopolies, extra from politically organized transfers such subsidies, which comes owning scarce resources, whether natural resources specialized knowledge. What does economic theory say about effects excessive ‘rents’? This chapter begins with analysis conventional neo-classical economics and proceeds examine how this needs be extended (and, some extent, has already been recent years) analyse different Drawing on both non-neoclassical theories, we see efficiency growth implications can very different. While indeed inefficient growth-retarding, other play essential role development. variability important policy implications. The identification ‘efficient’ challenges rule-of-thumb liberal market model says removal institutions rights protect is always desirable way moving towards greater better performance.