Classical Factor Rent
Classical factor rent is primarily concerned with the fee paid for the use of fixed (e.g. natural) resources. The classical definition is expressed as any excess payment above that required to induce or provide for production.
- "A payment for the services of an economic resource which is not necessary as an incentive for its production"
- "Any payment that does not affect the supply of the input"
- "A payment to any factor in perfectly inelastic supply"
Read more about this topic: Economic Rent
Famous quotes containing the words classical, factor and/or rent:
“Classical art, in a word, stands for form; romantic art for content. The romantic artist expects people to ask, What has he got to say? The classical artist expects them to ask, How does he say it?”
—R.G. (Robin George)
“You factor in racism as a reality and you keep moving.”
—Jewell Jackson McCabe (b. 1945)
“We want some coat woven of elastic steel, stout as the first, and limber as the second. We want a ship in these billows we inhabit. An angular, dogmatic house would be rent to chips and splinters, in this storm of many elements. No, it must be tight, and fit to the form of man, to live at all; as a shell is the architecture of a house founded on the sea.”
—Ralph Waldo Emerson (1803–1882)