Resource Rent
In economics, rent is a surplus value after all costs and normal returns have been accounted for, i.e. the difference between the price at which an output from a resource can be sold and its respective extraction and production costs, including normal return. This concept is usually termed economic rent but when referring to rent in natural resources such as coastal space or minerals, it is commonly called resource rent. It can also be conceptualised as abnormal or supernormal profit.
In practice, identifying and measuring (or collecting) resource rent is not straightforward. At any point in time, rent depends on the availability of information, market conditions, technology and the system of property rights used to govern access to and management of resources.
Read more about Resource Rent: Categories of Rent
Famous quotes containing the words resource and/or rent:
“Your kind doesn’t just kill men. You murder their spirits, you strangle their last breath of hope and freedom, so that you, the chosen few, can rule your slaves in ease and luxury. You’re a sadist just like the others, Heiser, with no resource but violence and no feeling but fear, the kind you’re feeling now. You’re drowning, Heiser, drowning in the ocean of blood around this barren little island you call the New Order.”
—Curtis Siodmak (1902–1988)
“The arbitrary division of one’s life into weeks and days and hours seemed, on the whole, useless. There was but one day for the men, and that was pay day, and one for the women, and that was rent day. As for the children, every day was theirs, just as it should be in every corner of the world.”
—Alice Caldwell Rice (1870–1942)