Definitions
According to Robert Tollison (1982), economic rents are "excess returns" above "normal levels" that take place in competitive markets. More specifically, it is "a return in excess of the resource owner's opportunity cost".
Henry George, best known for his proposal for a single tax on land, defined rent as "the part of the produce that accrues to the owners of land (or other natural capabilities) by virtue of ownership" and as "the share of wealth given to landowners because they have an exclusive right to the use of those natural capabilities."
Professors of law Lucian Bebchuk and Jesse Fried define the term "to refer to extra returns that firms or individuals obtain due to their positional advantages."
Read more about this topic: Economic Rent
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