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1
Tollison, Robert D. "The economic theory of rent seeking." Public Choice 152, no. 1-2 (May 16, 2012): 73–82. http://dx.doi.org/10.1007/s11127-011-9852-5.
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McChesney, Fred S. "Rent Extraction and Rent Creation in the Economic Theory of Regulation." Journal of Legal Studies 16, no. 1 (January 1987): 101–18. http://dx.doi.org/10.1086/467825.
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Ivanenko, Olesya. "The Land Rent Theory Evolution in Sustainable Development Paradigm." E3S Web of Conferences 105 (2019): 04025. http://dx.doi.org/10.1051/e3sconf/201910504025.
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The problem of land rent is directly related to the achievement of the limit of land involvement in agricultural production. In turn, the paradigm of sustainable development includes the issues of the constant growth of the food security of the people of the Earth, the fight against hunger, etc. The theoretical and methodological foundations of land rent are considered in the paradigm of sustainable development, in relation to the evolution of the concepts of leading scientific schools. The nature of land rent is described, its main types and sources of genesis are revealed. From the point of view of the institutional approach, land rent is considered as an institutional relation. The category of the land rent institution has been clarified. The role of land rent in ensuring sustainable development in the understanding of various schools of economics is shown; conclusions are drawn that make it possible to distinguish the features of basic approaches to determining land rent from the perspective of key sustainable development issues studied by schools of economics. It is concluded that it is necessary to use an integrated approach to the study of the category of land rent as a combination of environmental, cognitive, economic and institutional relations.
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Ginsburg, Douglas, and Fred S. McChesney. "A New Economic Theory of Regulation: Rent Extraction Rather than Rent Creation." Michigan Law Review 97, no. 6 (May 1999): 1771. http://dx.doi.org/10.2307/1290228.
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Sergiy Bardash, Alexander Petruk, and Tatiana Osadcha. "IDENTIFICATION OF FINANCIAL RENT: FROM THEORY OF RENT TO ITS ACCOUNTING." European Cooperation 1, no. 41 (January 29, 2019): 18–37. http://dx.doi.org/10.32070/ec.v1i41.19.
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Research of issues related to financial leasing has occupied a prominent position in economic science since the mid-20th century in countries with market economies due to the growing role of financial capital and formation of the stock market. Due to its significance, the concept of financial rent was investigated in the context of the development of neoclassical economic theory, its modern modifications, as well as the management theory. Some issues of financial rent were developed within the classical theory - the concept of ideal capital markets. The issues of the nature and types of financial rent are covered from the standpoint of financial mathematics. Some scientists believe that financial rent is a type of economic rent, so it should be reflected in the accounting. Inadequate attention to rent significantly increases the risk of an uncertain estimate of the financial condition of enterprises, and affects the objectivity and efficiency of making managerial decisions. As a result, there is a need for the development of theoretical and methodological, organizational and practical provisions of rent accounting, which will allow forming comprehensive and reliable information for management of a business entity.
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Sergiy Bardash and Tatiana Osadcha. "INTEGRATED RENTAL CLASSIFICATION OF SUBJECTS OF ECONOMIC RELATIONS." European Cooperation 2, no. 46 (April 30, 2020): 18–31. http://dx.doi.org/10.32070/ec.v2i46.81.
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The authors of the article have found that the vast majority of scientists, who study the rental relation problems in the economies of the post-Soviet countries adhere to the opinion on the validity of combining existing types of rent into two large groups by resources: natural and economic rents. Based on the results of the study, it is proposed to consider natural rent as a form of economic rent. Given the essence and economic nature of rent, and considering the need for its accounting representation, it is established that economic rent should be classified with a division into forms (absolute, differential of the 1st and 2nd kind, monopoly), types (natural and other resource rents) and subtypes based on the “way of using the rental resource”, “industry of formation”. The obtained scientific results will allow to consider the main provisions of the sustainable development concept and can be used as a basis for improving the theory and methodology, as well as the development of the organization and accounting methods for economic rent. The regulation of rental relations in the business sector determines the search for ways to reflect rent in accounting and management reporting, however, the solution to this problem is significantly hindered by the complexity of identifying and evaluating rent. Another problem is that today there is some inconsistency between the concept of "rent" and other derivative concepts, in particular, such as: "ground rent", "economic rent". Against the background of the existing scientific discussion on streamlining the essential differences between these concepts, the debate continues and the validity of the allocation of other types of rent, as well as the feasibility of introducing into the scientific circulation such concepts as “quasi-rent” and “anti-rent”. The authors have proposed to reflect in the enterprise accounting the economic rent according to its forms and types based on the resources used in economic activity. The proposed classification allows to consider the main provisions of the sustainable development concept and can be used as a basis for improving the theory and methodology, as well as the development of the organization and accounting methods for economic rent
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Gilmintinov, Roman R. "POLITICAL ECONOMY OF SPACE: THE PROBLEM OF RENT AND THE DEVELOPMENT OF THE USSR’S ECONOMIC THOUGHT IN THE 1930–1950s." Ural Historical Journal 75, no. 2 (2022): 59–68. http://dx.doi.org/10.30759/1728-9718-2022-2(75)-59-68.
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The article analyzes the development of the rent theory in the Soviet Union in the 1930–1950s which would later become a conceptual basis for the environmental economics in the USSR. Its primary goal is to answer the question of why, after heated debates of the NEP era, the issue of rent completely disappeared from the academic discourse for almost fifteen years. The answer I offer is based on the analysis of the end of history ideologeme — the utopian idea that the development of planning by itself solves all economic and social problems in the country, including all forms of rent. The return of the rent problem back in the economic discourse in the late Stalin period should be understood in the context of the emergent political economy of socialism, a discipline aimed at the overcoming the utopian and antiscientific nature of the end of history ideology. This research also analyzes in a great detail the key article for the development of the rent theory in that period — I. D. Laptev’s “The collective farms’ revenue and differential rent” (1944). The result of the work is the conclusion that the reemergence of the rent theory in the Soviet economic discourse of the Stalin period was accompanied by its normalization — whereas in the 1920s, rent was understood as a heritage of capitalism violating such a key principle of socialism as the distribution according to labor, for I. D. Laptev, it was nothing but a “gift of nature”.
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Sękowski, Stefan. "The pros and cons of rent-seeking: Political rent in various research paradigms." Studia z Polityki Publicznej 8, no. 2(30) (July 29, 2021): 11–27. http://dx.doi.org/10.33119/kszpp/2021.2.1.
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This article shows that how we look at political rent and rent-seeking depends on our position on state interference in the economy and which theory of regulation we are familiar with. Although the theory of rent-seeking is in accordance with the paradigm of the private interest (economic) theories of regulation, the researcher also needs an insight based on the public interest theories of regulation if he wants to judge the impact of rent-seeking and the creation of political rent on social well-being properly. The paper is also a conceptualization of political rent. It describes forms of rent-seeking and economic systems most amenable to it.
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von Seekamm, Kurt. "A Note on the Modeling of Rent Seeking." Review of Radical Political Economics 49, no. 4 (September 29, 2017): 599–606. http://dx.doi.org/10.1177/0486613417717047.
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Rent seeking has once again become an important topic in economics. However, rent seeking poses challenges that standard economic theory is not well equipped to handle. This paper develops a working definition of rent seeking that can be applied to post-Keynesian growth models. The main finding is that, in a post-Keynesian framework, rent seeking will have an effect on income distribution and average productivity. In addition, increases in rent seeking can have undesirable effects on the distribution of talent.
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Bardash, Serhii, and Tetiana Osadcha. "Ontology of Variability of Accounting for Financial Rent." Accounting and Finance, no. 2(92) (2021): 5–10. http://dx.doi.org/10.33146/2307-9878-2021-2(92)-5-10.
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Research on financial rent has been at the forefront of economics since the middle of the twentieth century in market economies due to the growing role of financial capital and the formation of the stock market. Today some scholars believe that financial rent is a type of economic rent, so it should be reflected in accounting. The purpose of the article is to develop recommendations for the reflection of financial rent in the accounting system. This research has solved the following tasks: to determine significant differences in the understanding of financial rent in the theory of finance and the rent in economic theory; to identify the type of resource that produces financial rent; to form approaches to the assessment and accounting for financial rent. It was established that in financial science the concept of financial rent does not correlate with the concept of economic rent, but it is appropriate to consider the financial rent as income that should be reflected in the accounting system to ensure the effectiveness of further management decisions. The identification of the composition of financial resources for the needs of their accounting allowed to determine the type of financial instruments, as well as operations that will form the financial rent. Author's approaches to the recognition of financial rent as accounting object were presented and organizational and methodical provisions of accounting for financial rent were developed. In particular, the procedure for determining the amount of financial rent and its reflection in the accounts depending on the sources of its formation was proposed. The practical significance of the study results is to increase the informativeness of the accounting system for management staff in order to manage the efficiency of the enterprise.
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Guo, Yong, and Angang Hu. "The administrative monopoly in China’s economic transition." Communist and Post-Communist Studies 37, no. 2 (June 1, 2004): 265–80. http://dx.doi.org/10.1016/j.postcomstud.2004.03.005.
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Corruption in transition economies has become the very focus of many recent discussions on politics and economics. However, the existing research has not taken full account of the experience of the gradual transition countries, especially China, and the incentives for rent creation in the transition process. Based on existing studies in this field, this paper addresses a new category of corruption in transition economies. In the context of the rent seeking theory, the authors examine what they regard as a unique type of corruption in China—administrative monopoly (AM), and outline its essence, causes, forms, features, the scale of the rent created, and the dissipation of the rent.
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Holcombe, Randall G. "Political Capitalism and Rent-Seeking." Korea Public Choice Association 1, no. 1 (March 31, 2022): 1–18. http://dx.doi.org/10.55795/jpc.2022.1.1.001.
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Political capitalism is an economic and political system in which the economic and political elite cooperate for their mutual benefit. Rent-seeking is one of the mechanisms that the elite use to generate gains to themselves at the expense of the masses. Analyzing rent-seeking within the political capitalism framework yields insights about the rent-seeking process. There is a barrier to entry in rent-seeking process which reduces competition for rents and increases the return to the rent-seeking group. This produces a net gain that recipients of rents—the economic elite—share with the political elite for their mutual benefit. One result is that rent-seeking losses are smaller than would be possible in the traditional theory. When such limits on rent-seeking are ineffective and discriminatory, massive rent-seeking can occur which dissipates the benefits of rent-seeking and generates the kind of losses Krueger (1974) discussed in her classic article.
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Sergii Bardash and Tetiana Osadcha. "IMPLEMENTATION OF THE PROVISIONS OF SUSTAINABLE DEVELOPMENT CONCEPT IN TERMS OF RENT THEORY DEVELOPMENT." European Cooperation 9, no. 40 (October 31, 2018): 73–86. http://dx.doi.org/10.32070/ec.v9i40.28.
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Research relevance lies in the irreversibility of course choice for embodiment of the sustainable development concept. However, a pluralism of opinions, concerning the implementation of model definition of this concept, as well as the priority tasks for realization of its constituents significantly decelerates the socio-economic development of Ukraine. An inadequate scientific research of the sustainable development problems on a microeconomic level generates the reduction of expected management results and the degree of progressive changes at the level of individual business units. The role and transformation of accounting science, necessary for the implementation of the sustainable development concept, are not fully disclosed. The research purpose and tasks are to determine the accounting component of sustainable development concept on the basis of the rent theory, to outline the directions of rent accounting development under the following factors influence: globalization and transformation of the ownership institution and scientific research activation on this basis, aimed at forming the theoretical and methodological baseline of rent accounting ‘as an additional income. The methodology of the research includes general scientific methods of cognition the necessity and invariant implementation of the sustainable development concept, its constituents allocation and specification; dialectical method for cognition the economic content of rent; a comparative analysis of the definition differences, formed at different stages and forms of realization of economic relations; modeling method for determining the direction and logic of the rent accounting development under the influence of such factors, as globalization and ownership institution transformation. It has been established that realization of sustainable development concept should take place with understanding of the interaction mechanisms of economic, social and environmental components. These generate new ideas about the basic socialization mechanisms and social development of human, external influences on the environment and cost estimation. The interconnection of the constituent of sustainable development concepts and the economic, social and ecological system as a whole is the basis for the theory and practice development of accounting. The accounting information creates preconditions for assessing the achievement and forecasting of further sustainable development of the economy as a separate economic entity, region, country, and the world as a whole. It has been established that the existence of discussion aspects in the treatment of rent and failure to recognize the last object of accounting should be considered as one of the essential factors in accelerating the implementation of the sustainable development concept. Bearing the results of research in mind, the development of a conceptual approach to rent accounting, as an additional entity income, should be based on the recognition the rent as a management object, that requires adequate information support for users’ requests from the accounting system side, based on the systematic development of the theoretical, methodological and organizational-practical regulations of rent accounting. The practical value of research is to formulate a methodological provision of rent accounting, which will further improve an active and passive income distribution of relation participants in the economic sphere. The obtained scientific results will form the prospects for further research, which will lay in proving the need for the transformation of the property institute in the post-Soviet countries, to determine the models of rent relations between different parties in the field of economic relations, as well as to determine the rent-forming factors of production for the development of the rent assessing methodology.
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Bardash, Sergiy, and Tatiana Osadcha. "TOURIST RENT IN THE SYSTEM OF RENT THEORY CONCEPTS: THE ACCOUNTING ASPECT." Baltic Journal of Economic Studies 8, no. 1 (January 30, 2022): 9–20. http://dx.doi.org/10.30525/2256-0742/2022-8-1-9-20.
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Urgency of the research is conditioned by the critical state of the tourism industry. One of the ways to revive the industry is to find additional sources of funding. Considering the fact that considerable budgetary resources are spent to fight the global pandemic, the issues of formation, accumulation, distribution and redistribution of rents, including tourist rents, are actualized. For strategic development of national tourism systems it is necessary to create a mechanism of rent relations, which not only satisfies the interests of state authorities, but allows business entities, including tourism industry, to determine in full the income from operating activities, net profit, as well as the volume of self-financing sources, the component of which should be considered the tourist rent. It is not possible to achieve the required result without defining and further creating the conditions for rent accounting. The purpose and the objective of the research. The purpose of the research is to determine the conditions of the valuation estimates of the tourist rent and its accounting for the needs of effective management of tourist enterprise incomes. In accordance with the defined purpose, the research objectives are as follows: critical evaluation of the results of justification of theoretical foundations of tourist rent; definition of conditions of tourist rent identification in the context of further accounting and clarification of the concept “tourist resources” as a source of tourist rent formation; definition of possibility of identification/allocation of tourist rent in tourism, essence and place of tourist rent in the classification model of rent; definition of economic and legal conditions of tourist rent accounting. The methodological framework of the research is dialectical method of cognition of the essence of tourist resources and tourist rent; bibliographic method and general scientific methods of scientific cognition (analysis, abstraction, synthesis, generalisation) applied for critical evaluation, clarification of concepts “tourist rent” and “tourist resources”, substantiation of basic theoretical provisions of economic and legal regulation of identification and accounting of tourist rent and tourist resources, formulation of conclusions. The scientific novelty of the research results consists in clarification of the concepts of “tourist rent”, “tourist resources”, definition of economic-legal grounds for accounting of tourist rent and tourist resources. The practical significance of the research results is that the stated recommendations can be taken into account in further development of recommendations on identification, evaluation, accounting of tourist rents as additional income of the tourist activity entities, as well as creation of information base for collection of rent payments and their further distribution for the needs of national tourism development. The prospects for further research will consist in developing a set of scientific and methodological provisions and recommendations on attracting tourist rents in the system of self-financing, regional and nation-wide financing of tourist industry entities. Significance/originality. The obtained results can be considered as forming the concept of tourist rent accounting in the sphere of tourist entrepreneurship and create new grounds for revision of the mechanism of rent relations in the tourism industry.
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Moshenets, O. V. "Essence and conditions of the formation of a rentoriented economic behavior." Ukrainian society 26, no. 3 (October 10, 2008): 54–59. http://dx.doi.org/10.15407/socium2008.03.054.
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The essence of a rent-oriented economic behavior is analyzed according to the theory of public choice is considered, and the sources of the formation of a rent and the motives of its appropriation in the political process are determined.
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Kellerman, A. "Agricultural Location Theory 1: Basic Models." Environment and Planning A: Economy and Space 21, no. 10 (October 1989): 1381–96. http://dx.doi.org/10.1068/a211381.
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Agricultural location theory deals with both the location — allocation process of land uses by farmers, and the spatial organization of agricultural land uses. The major term in its classical versions is economic rent relating to some form of surplus. Ricardo's theory emphasized the physical qualities of land and urban demand as major determinants in rent production. Von Thünen's theory emphasized distance from farm to market as well as transport costs, yield, market prices, and production costs as rent determinants. Modern versions of the theory provided simple models which relate explicitly to transportation costs. The theory has been criticized mainly for its many limiting assumptions.
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Gao, Jianyi, and Jin Sun. "Multi-layered Mode of Rent Utilization in China: Based on the Review of the Latest Development of Rent-seeking Theory." Yixin Publisher 1, no. 1 (August 31, 2023): 43–56. http://dx.doi.org/10.59825/jcs.2023.1.1.43.
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China has made great achievements in the economic development, especially since the reform and opening-up policy implemented in the end of 1978. Meanwhile, a large number of rents have been created and allocated by governments and rent seeking activities have been widespread in extensive industrial sectors. However, the conventional rent-seeking theory fails to account for China’s developmental experience. Based on the review of the latest development of rent-seeking theory, this study discusses the multi-layered mode of rent utilization in China. The special mode of rent utilization is defined from two different respects. On the one hand, the authority of creating and allocating rents are scattered in the hand of multi-layered bodies including the central government level and the different levels of local governments. On the other hand, rent seekers are also of multi-layered characteristics. In both cases, local governments play a great important role. It is this special kind of mode of rent utilization that explains the paradox of rent-seeking in China’s economic development.
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Otáhal, Tomáš, Milan Palát, and Petr Wawrosz. "What is the Contribution of the Theory of Redistribution Systems to the Theory of Corruption?" Review of Economic Perspectives 13, no. 2 (June 1, 2013): 92–107. http://dx.doi.org/10.2478/revecp-2013-0003.
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Abstract Scholars making economic policy recommendations to resolve corruption problem use several approaches, the most dominant of which are the principal-agent and rent-seeking theories. In this paper, we argue that the principal-agent theory has problems to account for the environment in which the agents offering and accepting corruption operate, and explain the importance of agents for survival of their environment. The rent-seeking theory, on the other hand, finds it difficult to establish socially effective legislation and ways to determine the barriers to entry that motivate agents to behave corruptly. Both problems, however, are vital for solving the problem of corruption. Lacking the knowledge of the agent’s environment (system) and their significance for survival of the system, the theory cannot define incentives that would discourage the agent from acting in a corrupted way. If the rent-seeking theory does not determine the barriers to entry that motivate agents to behave corruptly, it cannot determine the proper legislation that would deter corrupt behaviour and lead to economic development. For these reasons we investigate if both problems can be explained and solved within the alternative theory of redistribution systems and its part - the theory of parallel redistribution games.
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Cromley, R. G., and D. M. Hanink. "A Financial-Economic von Thünen Model." Environment and Planning A: Economy and Space 21, no. 7 (July 1989): 951–60. http://dx.doi.org/10.1068/a210951.
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The von Thünen model of agricultural land use is reformulated in this paper as an investment decision in which the objectives of farmers range from total risk-aversion to profit-maximization. By means of a variant of the mean-variance model of contemporary portfolio theory, it is demonstrated that individual bid-rent functions depend on the nature of a farmer's utility function. Because farmers' objectives affect their bid-rent functions, the spatial pattern of agricultural production is also affected. The conventional result of the von Thünen model is shown to be a special case of the more general portfolio model.
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Journal, IJSREM. "Rent Seeking Behavior in the Indian Economy." INTERANTIONAL JOURNAL OF SCIENTIFIC RESEARCH IN ENGINEERING AND MANAGEMENT 08, no. 01 (January 11, 2024): 1–9. http://dx.doi.org/10.55041/ijsrem28030.
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Rent seeking Behaviour, is an economic concept, that occurs when an entity seeks to gain added wealth without any reciprocal contribution of productivity. The concept is devised from Adam Smith’s ideologies. Here, rent refers to wealth derived from potentially unethical sources or means. Such income is low risk and is easier to obtain. Rent-seeking widely impacts our society in multiple ways. The following research paper aims to analyse the impact of Rent Seeking in the economy from an Indian perspective. Keywords: Rent, Wealth, Unemployment, Caste, Game theory, Gender, Entrepreneurship
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ÖZLÜK, Duygu. "Next Stage of Global Capitalism: Digital Platforms and Rentier Capitalism." Ekonomi Politika ve Finans Arastirmalari Dergisi 8, no. 4 (December 30, 2023): 681–95. http://dx.doi.org/10.30784/epfad.1350739.
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This paper examines the concentration of wealth and power in the networked ecosystem of digital platforms in light of the Marxist theory of rent, which views rental income as a form of economic gain without engaging in productive labor. The article discusses the dominance of digital platforms and their transformative effects of platform capitalism on labor markets, highlighting the growth of gig economies and the challenges of labor rights, income security, and regulatory frameworks in this new paradigm. Since platforms enabled by advancements in technology and digital connectivity, they have revolutionized traditional business models and reshaped the ways in which value is created, distributed, and captured. These platforms, while revolutionizing economic interactions and information exchange, also reflect elements of rent extraction identified in Marxist thought. This amplifies concerns over economic inequality and the accumulation of power, mirroring the Marxist critique of rent as an exploitative mechanism. By scrutinizing digital platforms through a Marxist rent theory framework, this study aims to comprehend how these platforms fit into the broader landscape of capitalist relations, shedding light on the complex interplay between technological innovation, economic structures, and the perpetuation of class divisions.
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Czyżewski, Bazyli, Piotr Lis, and Izabela Czyzewska. "Integrating the rent gap into the ground rent theory. Measurement and implications for different models of agriculture." Bulletin of Geography. Socio-economic Series, no. 63 (March 29, 2024): 87–98. http://dx.doi.org/10.12775/bgss-2024-0007.
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The aim of this paper is to establish a conceptual framework for the rent gap theory in agriculture and to identify potential implications of the rent gap for socio-economic processes occurring in agriculture and rural areas. From an empirical perspective an attempt was made to determine the state and dynamics of the rent gap phenomenon in agriculture in Poland, considering the regional division. The authors used income approach and Capital Asset Pricing Model (CAPM) for estimating the capitalization rate. It was found that rent gap is a permanent phenomenon in Polish agriculture, the dynamics of which largely depends on macroeconomic factors. A widening rent gap may result in the withdrawal of land from farming and a decline in total factor productivity in agriculture. Thus, the implications of the rent gap may relate to food security. Measuring the rent gap can be a step towards determining the quasi-market value of environmental amenities of land.
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Chen, Jia, and Ge Xin. "Competitive Rent-Seeking, Socioeconomic Infrastructures, and Post-Communist Transition in Central and Eastern Europe." Chinese Journal of International Review 01, no. 02 (December 2019): 1950005. http://dx.doi.org/10.1142/s2630531319500057.
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The political and economic transformation of former Soviet Bloc Europe has been far-reaching in the last 30 years. Although most former socialist countries in Central and Eastern Europe abandoned the Communist ancien régime, not all of them managed to fully integrate liberal democracy and market economy into society. Some scholars explained this divergence in development through the dichotomous regime types. From the perspective of what propels the retreat of political power from market and with the theory of competitive rent-seeking, we demonstrate that the retreating logic is underlain by the competition between rent-seekers. A competitive rent-seeking regime dissipates the rent through distorting market mechanism and dampens both political authority and rent-seeker’s enthusiasm, providing a better prospect for economic liberalization. Through a comparative case study of transitional experiences of Hungary and Belarus, we find that countries with pre-existing socioeconomic infrastructures that facilitate the formation of competitive rent-seeking regime are more successful in economic liberalization. We suggest that the academic interest previously paid to dichotomous regime-type argument should be diverted into a deeper inquiry of the evolution of socioeconomic institutions that shape the state–market interaction.
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Worabantoon, Salinee. "Rents, rent-seeking and economic development: theory and evidence in Asia." Journal of Asian Economics 12, no. 4 (December 2001): 603–5. http://dx.doi.org/10.1016/s1049-0078(01)00105-1.
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Чернявский and S. Chernyavskiy. "Various Approaches to Differential Rent Category." Administration 3, no. 3 (September 17, 2015): 48–54. http://dx.doi.org/10.12737/13337.
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In this paper it has been demonstrated that in modern economic science there is a large number of theoretical approaches, positions, and views on the differential rent category conceptualization, as well as on the methodology for determining its size and mechanisms of this rent withdrawal and distribution. The history of the classical views on the rent has been reported. It has been marked that after release of D. Worcester work “Rent Theory Revision” the extremely profitable concept of differential rent becomes more and more popular in economic circles, the rent starts to be considered as part of the profit and therefore its distribution between oil and gas companies and government becomes legitimate. In March of this year the “Drilling and Oil” journal published a paper “Arctic Oil and Gas Rents” (the authors A.V. Semenov, Yu.S. Rudenko, Yu.V. Razowski, Yu.N. Makarkin), where questions of differential rent, the interest to which has increased due to the upcoming development of Arctic fields, once again have being considered from the standpoint of super-profits. In connection therewith in this paper the author argues against the views published in the paper “Arctic Oil and Gas Rents” on the theoretical issues related to substance of differential rent, rental income classification, methods of rent size determining and options of rent withdrawal or distribution.
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Tittenbrun, Jacek. "Położenie klasowo-własnościowe graczy w profesjonalnych sportach drużynowych." Kwartalnik Kolegium Ekonomiczno-Społecznego. Studia i Prace, no. 1 (November 27, 2016): 11–35. http://dx.doi.org/10.33119/kkessip.2016.1.1.
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Although social sciences do not ignore sports altogether, they do not attempt to analyse the class position of players in team sports. Yerefore, the aim of this paper is to conduct such analysis. Ye starting point is introduction of the idea of socio-economic class based on the theory of economic ownership understood as rent. As the term "economic rent" is used in neoclassical economy, I explain the di>erences between that approach and the one used in this paper. Building on theory and on empirical data on the earnings of players, I conclude that while the sports elite undoubtedly represent ownership and bourgeoisie class, the less !nancially attractive leagues or less earning players represent workers owning labour and sometimes that ownership is severely limited.
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Elkins, Stephan. "Rent-Seeking. Zur politischen Theorie des neoklassischen Fundamentalismus." PROKLA. Zeitschrift für kritische Sozialwissenschaft 24, no. 96 (September 1, 1994): 419–36. http://dx.doi.org/10.32387/prokla.v24i96.990.
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The concept is concerned with economic inefficiency and stagnation contrived by government intervention into the economic process. The prospect of profiting from political intervention encourages rational actors to shift their efforts from productive activities to political manipulation, inducing a substantial reduction in aggregate levels of social welfare. This leads to the conclusion that the restoration of society's productive capacities requires wresting the economy from the clutches of the state occupied by special interests. The author criticizes this analysis on account of an inadequate political theory based on the framework of neoclassical economics. Moreover, the notion that »depoliticization of the economy« could provide asolution to the problem of »rent-seeking« is shown tobe inconsistent and sociologically naive. An adequate analysis of the problems related to »rent-seeking« should to take the specific selectivity of political institutions, which favours specific interests and policy issues, as its starting point.
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Dincă, Gheorghița, Marius Sorin Dincă, Camelia Negri, and Mihaela Bărbuță. "The Impact of Corruption and Rent-Seeking Behavior upon Economic Wealth in the European Union from a Public Choice Approach." Sustainability 13, no. 12 (June 17, 2021): 6870. http://dx.doi.org/10.3390/su13126870.
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The current paper evaluates the impact of corruption and rent-seeking behaviors upon economic wealth in the European Union states using a public choice approach. The period of study is 2000 to 2019. To measure this impact, the present study uses a regression with variables reflecting governance quality and considered relevant, from a public choice approach, to corruption and rent-seeking. The main results of this study show a negative relationship between the level of corruption and economic wealth for all analyzed countries, especially for the ones that compose the new member states group. For all the EU member states, the variables capturing governance quality seem to have a positive impact on economic wealth. The higher levels of governance performance, synonymous with lower levels of rent-seeking, personal interest, and political pressures on state administrations, contribute to economic wealth, as public choice theory emphasizes. There is a need for reform and an increase in the efficiency of public institutions, especially in new member states.
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Goeree, Jacob K., and Charles A. Holt. "Classroom Games: Rent-Seeking and the Inefficiency of Non-Market Allocations." Journal of Economic Perspectives 13, no. 3 (August 1, 1999): 217–26. http://dx.doi.org/10.1257/jep.13.3.217.
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Economics is often taught at a level of abstraction that can hinder some students from gaining basic intuition. However, lecture and textbook presentations can be complemented with classroom exercises in which students make decisions and interact. The approach can increase interest in and decrease skepticism about economic theory. This feature offers short descriptions of classroom exercises for a variety of economics courses, with something of an emphasis on the more popular undergraduate courses.
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Wawrosz, Petr. "How Corruption Is and Should Be Investigated by Economic Theory." Economies 10, no. 12 (December 18, 2022): 326. http://dx.doi.org/10.3390/economies10120326.
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The article analyzes how economic theory usually investigates corruption. It describes the main traditional economic theories dealing with this issue—principal-agent theory (agency theory) and rent-seeking theory—and it emphasizes that both face some problems, especially their neglect of some important factors as to why corruption occurs which prevents them from accurately analyzing this phenomenon and proposing solutions on how to fight against it. The article further discusses whether institutional economics can overcome these problems. We show that it does, but that it needs to more seriously consider the environment in which corruption occurs. Redistribution system theory can serve as a useful aid here because it reveals that the source of corruption is an environment of undesirable redistribution. The article provides the characteristics of this type of redistribution and shows how its reduction also leads to the reduction in corruption. It can be concluded that economic theory should not rely only on traditional approaches to corruption but should at least add institutional economics and redistribution system theory to its methods of corruption analysis.
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Зулькарнай, И. У. "Economic Mechanisms for Regulating the Use of Natural Resources by the State on the Example of Soda Production." Экономика и управление: научно-практический журнал, no. 4(160) (August 25, 2021): 12–16. http://dx.doi.org/10.34773/eu.2021.4.2.
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В статье обсуждаются экономические механизмы регулирования природопользования государством на примере производства соды и конфликта частных интересов Башкирской содовой компании в 2020 году с общественными интересами. В анализе применены теория внешних эффектов, теорема Коуза, теория абсолютной и дифференциальной ренты. Предлагаются следующие экономические механизмы гармонизации взаимодействия государства и частного бизнеса: изъятие государством абсолютной ренты и дифференциальной ренты I при предоставлении права добычи полезных ископаемых, интернализация отрицательных внешних эффектов, связанных с экологическим ущербом, установление особенно высокой платы за разрушение важных обществу памятников природы. The article discusses the economic mechanisms for regulating the use of natural resources by the state on the example of soda production and the conflict of private interests of the Bashkir Soda Company in 2020 with public interests. The analysis uses the theory of externalities, Coase's theorem, the theory of absolute and differential rent. The following economic mechanisms are proposed for harmonizing the interaction between the state and private business: withdrawal by the state of absolute rent and differential rent I when granting the right to extract minerals, internalization of negative external effects associated with environmental damage, setting a particularly high payment for the destruction of natural monuments important to society.
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Snipe, Arta. "Rent control: a friend or foe." SOCRATES. Rīgas Stradiņa universitātes Juridiskās fakultātes elektroniskais juridisko zinātnisko rakstu žurnāls / SOCRATES. Rīga Stradiņš University Faculty of Law Electronic Scientific Journal of Law 1, no. 25 (2023): 49–58. http://dx.doi.org/10.25143/socr.25.2023.1.49-58.
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In this article, I address the by-product of the property reform—perpetual land lease—with a case study of Latvia. Contributing to scholarship on the challenge of property reforms after generations of dispossession, I examine the economic meaning of property restitution in this post-Soviet context. Using process-tracing and policy analysis techniques to examine the creation and implementation of Latvia’s restitution policy in the aftermath of independence from the Soviet Union, I tackle the research question: “Have the property rights of the parties been considered during these reforms?” I use two theories to answer this question: one of law and economics, by applying the theory of efficient regulation and Normative Hobbes Theorem (coalesced from the Coase Theorem and the Hobbes Theorem) and the other of transitional justice, by analysing the perpetual lease relations as part of restitution policy, aimed at providing justice to victims of the Soviet occupation and nationalization. In this paper, I illustrate that state intervention by normatively fixing the lease fee is necessary to prevent infringement of property rights of the landowners, thus ensuring that restitution as a transitional justice measure has reached its aim.
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Li, Hong, and Xian Zhang. "The Mechanism Causing an Increase in Farmland Transfer Rent and the Restraining Effect of High Rent on Grain Production." Discrete Dynamics in Nature and Society 2021 (October 15, 2021): 1–12. http://dx.doi.org/10.1155/2021/9491240.
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The rent of farmland transfer represents the economic realization of farmland contracts and management rights of agricultural households. A three-stage dynamic game model with three players is constructed in this paper to study the mechanism causing an increase in farmland transfer rent. Based on the theory of producer equilibrium and production possibility boundaries, this paper studies the restraining effect of high rent on grain production and analyzes the factors that prevent the decline in grain production at present. Combined with the process of farmland transfer in a village, both the mechanism causing an increase in farmland transfer rent and the restraining effect of high rent on grain production are empirically analyzed. The conclusion is as follows: the basic direction of farmland transfer is from farmers with a low production capacity to farmers with a high production capacity, and the rent level is determined by the transferors with high production capacity; about half of the economies of scale profits and two-thirds of transferees’ subsidies are converted into farmland transfer rents. High farmland transfer rent reinforces “nongrain” and “nonagricultural” behaviors. Finally, it is suggested that farmers should be given vocational training in agricultural production, “farmland transfer tax” should be levied on excessive farmland transfer rent, and transferees should be subsidized for grain production.
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EGGERTSSON, THRÁINN. "Knowledge and the theory of institutional change." Journal of Institutional Economics 5, no. 2 (August 2009): 137–50. http://dx.doi.org/10.1017/s1744137409001271.
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AbstractModern theory identifies several sources of economic growth, such as capital accumulation, new techniques, secure property rights and contracts, and absence of rent seeking. This paper introduces new social technologies as yet another source of growth and emphasizes our incomplete knowledge of social systems. I introduce a framework for analyzing institutional policy and use the case of modern biotechnology to explain how uncertainty about social technologies, persuasion, and competing beliefs influence the evolution of property rights.
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Muennich, Sascha. "Profit as Social Rent: Embeddedness and Stratification in Markets." Sociological Theory 37, no. 2 (June 2019): 162–83. http://dx.doi.org/10.1177/0735275119850860.
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This article shows how research on the social structure of markets may contribute to the analysis the growing income inequality in contemporary capitalist economies. The author proposes a theoretical link between embeddedness and social stratification by discussing the role of institutions and networks in markets for the distribution of economic profits between firms. The author claims that we must understand profit and free competition as opposites, as economic theory does. In the main part of the article the author illustrates six typical mechanisms of rent extraction from networks or formal and symbolic rules that embed markets. They emerge from material as well as symbolical access to and influence on the orientation of other market actors. Social structures in markets lead to unequal chances for rent extraction, even if actors produce them for coordination rather than for accumulation purposes. This is how market sociology and theory of capitalism can be linked more closely.
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Radygin, A., and R. Entov. "Government Failures: Theory and Policy." Voprosy Ekonomiki, no. 12 (December 20, 2012): 4–30. http://dx.doi.org/10.32609/0042-8736-2012-12-4-30.
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The article deals with the evolution of approaches to the problem of “government failures”. This trend of modern economic theory, which has arisen in opposition to the concepts of “market failures” can be seen as a search for a new strategy of political and economic analysis of the resource allocation mechanisms, as well as historical social institutions and their effect on the efficiency of economic processes. Special attention is paid to the problem of information retrieval, ways of funding the state, the impact of rent‑seeking behavior, the role of the political process, negative externalities as a result of the lack of coordination, and of the overall presence of the state in the economy. Interdisciplinary approach to “government failures” takes into account the influence of legal rules and institutions on the nature of allocation of public resources, as illustrated by the examples of modern Russian economy.
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Tarkhanov, O. "The usefulness, the surplus usefulness, and land rent: misconceptions and consequences." National Security and Strategic Planning, no. 2 (August 15, 2021): 100–116. http://dx.doi.org/10.37468/2307-1400-2021-2-100-116.
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On the basis of a comparison of ideas about surplus utility and land rent and the results of new research, the inconsistency of conclusions about the exclusivity of their labor nature is shown.
It is proved that the identification of the essence of both economic categories in the 19th and 20th century was hindered by the theory of mineral nutrition of plants. Following the theory led to the practice of applying mineral fertilizers, reduced to the use of additional capital in agriculture, and delayed the development of political economy due to the erroneous idea of the utility produced by the economic organism as a substance determined by human labor.
In turn, the adoption of the theory of mineral nutrition as a natural science theory, led to a delay in identifying the nature of natural soil fertility.
It is shown that the delay in overcoming the identified misconceptions about plant nutrition and the main categories of political economy leads to an increase in the crisis in the world economy.
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Damelang, Andreas, Andreas Haupt, and Martin Abraham. "Economic consequences of occupational deregulation." Acta Sociologica 61, no. 1 (February 20, 2017): 34–49. http://dx.doi.org/10.1177/0001699316688513.
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This paper provides new evidence of occupational closure and rent-sharing in the labour market. In many labour market segments, occupational closure refers only to self-employed positions, but not to employees within these occupations. We study the relation of changes in entry regulation for firms and the corresponding economic consequences for employees within these firms. Based on bargaining theory, we argue that economic rents are shared with employees. In order to identify this ‘indirect’ channel of occupational closure, this paper uses a major reform in the German craft sector in 2004. This reform relaxes entry regulation into self-employment in more than half of the craft occupations. By using rich administrative data in a fixed-effects framework, we compare wages of employees in both markets pre- and post-reform. We find that employees in the reformed market are negatively affected after the reform. This proves the existence of former wage rents due to rent-sharing in closed market segments. This average wage effect, however, is not constant for all employees. If employees can make a credible threat to the employer to take advantage of deregulation and set up their own business, they can counteract the negative wage effects of the reform. As a consequence, our empirical results show that wages of young and skilled employees are less affected by the reform.
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Czyżewski, Bazyli, and Jan Polcyn. "MARXIAN ABSOLUTE RENT IN THE PARADIGM OF SUSTAINABLE AGRICULTURE – HAS HISTORY COME FULL CIRCLE?" sj-economics scientific journal 21, no. 2 (June 30, 2016): 339–57. http://dx.doi.org/10.58246/sjeconomics.v21i2.361.
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The economic globalisation process makes economic factors rotate faster. There arises the crucial question of whether the land factor is still capable of generating economic rents ? On one hand, D. Ricardo’s land rents are vanishing, on the other, the land factor is gaining new, environmental applications. It provides public goods, which are a crucial element of the new paradigm of agricultural development. In conditions of irreversible accumulation of capital in the anthropogenic environment, new land utilities may appear without any additional input of capital or labour, and, as public goods, they are mostly financed from subsidies for agriculture under the Common Agricultural Policy (CAP). This paper aims to present the evolution of land rents theory and to answer the question of what is the nature of contemporary land rent ? The author attempts to test the modern theory of land rent using input-output matrices for different sectors of agribusiness and chosen EU countries. He demonstrates the hypothesis that capital productivity in agriculture is higher than in other sectors of agribusiness, but not for the reason of exploiting labour (as was the case in Marxian theory) but thanks to the occurrence of intrinsic land utilities which are valorised.
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Alexandrov, Gennady, and Aleksandr Iablonev. "Rental Relations as a Factor of Mining Investment Prospects." E3S Web of Conferences 41 (2018): 04024. http://dx.doi.org/10.1051/e3sconf/20184104024.
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This article aims, first, to consider the conceptual question about the place and role of rental relations in subsoil use, particularly in the extractive industries and secondly, to determine the basics of scientific analysis of the essence and forms of rent and rent relations, generally, and mining rents in particular in aspect of their influence on the formation of a favourable investment climate in the extractive industry. Article is largely introductory in nature, so far as in theory and in practical terms, the problems of relationship rent relations and investment attractiveness of the extractive industries have not adequately attention. In this direction has never appeared in any relevant studies, the results of which could serve as the basis for formulating practical solutions, such as formation of adequate economic policies, rent relations regulatory frameworks, their organizational and legal security underlying the investment attractiveness of extractive activities.
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Eggertsson, T. "Knowledge and the Theory of Institutional Change." Voprosy Ekonomiki, no. 7 (July 20, 2011): 4–16. http://dx.doi.org/10.32609/0042-8736-2011-7-4-16.
Full textAbstract:
Modern theory identifies several sources of economic growth, such as capital accumulation, new technologies, secure property rights and contracts, and absence of rent seeking. This paper introduces new social technologies as yet another source of growth and emphasizes our incomplete knowledge of social system. It hinders the building of new institutions. The author introduces a framework for analyzing institutional policy and uses the case of modern biotechnologies to explain how uncertainty about social technologies, persuasion, and competing beliefs influence the evolution of property rights.
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Samuelson, Paul A. "Marx on Rent: A Failure to Transform Correctly." Journal of the History of Economic Thought 14, no. 2 (1992): 143–67. http://dx.doi.org/10.1017/s1053837200004971.
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Karl Marx's theory of land rent plays a minor role in his overall economic system but provides us with a good opportunity to examine and score his analytic powers and attained understanding. The conclusion arrived at from the present reinvestigation confirms, I fear, the diagnosis that Marx was an autodidact who lacked mastery of the subject matter that he so confidently grappled with. Objective readers of my analysis can form their own judgments of Marx's written logic and empirical contentions.
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Luckert, Martin K., and Jean-Thomas Bernard. "What is the value of standing timber?: Difficulties in merging theory with reality." Forestry Chronicle 69, no. 6 (December 1, 1993): 680–85. http://dx.doi.org/10.5558/tfc69680-6.
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Traditional residual conversion return methods of stumpage appraisal, although consistent with economic theory, are not appropriate for the forestry sector in Canada. Imperfect competition, dynamic residual values, and the forest tenure system pose complications which prevent such methods from adequately representing stumpage values. In developing new stumpage fee systems, decision makers will have to consider these complications and assess whether and how residual conversion return methods may be adjusted to adequately reflect the value of standing timber. Key words: stumpage, residual conversion return, wood values, economic rent
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Kashtelyan, Т. V. "Innovative social and environmental transformation of the forest sector of Belarus in the context of modern theory of rent relations in economy." Proceedings of the National Academy of Sciences of Belarus, Humanitarian Series 67, no. 1 (February 3, 2022): 118–24. http://dx.doi.org/10.29235/2524-2369-2022-67-1-118-124.
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Fundamental theory of rent is a methodological framework of a research of innovative social and environmental transformation of forest sector of Belarus. The purpose of the work was to highlight an importance of patterns of rent-based economies and the need for them to be accommodated in the economic relations of the forest sector, as well as to identify the operational applications of complex and differentiated knowledge of rents in an aspect of active and passive (monitoring, associative) behavioral patterns. Analysis of the institutional organization of production is presented; the features and directions of development of rental relations are considered. Components of the structural and logical model of single institutional socio-ecosystem space that are embedded in the rental relations of society; are justified by the forestry practice. The role of impact investment and a “feedback” loop of the forestry sector as an institutional platform for sustainable development is outlined. The content of the innovative-socio-ecological transformation of the forestry sector in Belarus characterized by posing questions on property creation covered by stable and manageable value of rent, requiring the linking of various interests and management decisions with the rental format of economic relations as a mechanism for the transition to sustainable development through resources and property, is revealed.
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Birch, Kean. "Technoscience Rent: Toward a Theory of Rentiership for Technoscientific Capitalism." Science, Technology, & Human Values 45, no. 1 (February 6, 2019): 3–33. http://dx.doi.org/10.1177/0162243919829567.
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Contemporary, technoscientific capitalism is characterized by the (re)configuration of a range of “things” (e.g., infrastructure, data, knowledge, bodies) as assets or capitalized property. Accumulation strategies have changed as a result of this assetization process. Rather than entrepreneurial strategies based on commodity production, technoscientific capitalism is increasingly underpinned by rentiership or the appropriation of value through ownership and control rights (e.g., intellectual property [IP]), monopoly conditions, and regulatory or market devices and practices (e.g., investment dispute courts, exclusivity agreements). While rentiership is often presented as a negative phenomenon (e.g., distorting markets, unearned income) in both neoclassical and Marxist political economy literatures—and much in between—in this paper, I conceptualize rentiership as a technoeconomic practice and process framed by insights from science and technology studies (STS). So, rather than a problematic “side effect” of capitalism, the concept of rentiership enables us to understand how different forms of value extraction constitute, and are constituted by, different forms of technoscience. This allows STS to contribute a distinctive analytical approach to ongoing debates in political economy about economic rents and rent-seeking.
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Martínez, F. J. "The Bid—Choice Land-Use Model: An Integrated Economic Framework." Environment and Planning A: Economy and Space 24, no. 6 (June 1992): 871–85. http://dx.doi.org/10.1068/a240871.
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Alonso's bid-rent theory and the discrete-choice random-utility theory appear in the literature as well-established alternative frameworks to model urban land use. As both approaches share the support of microeconomic theory, the main issue addressed in this paper is the theoretical comparison of the two approaches. It is demonstrated that in perfectly competitive land markets these approaches are equivalent, therefore they should be understood as complementary rather than alternative. The case of markets subject to speculative land prices is then explored for the cases of speculative supply and/or speculative demand, with the discovery that both approaches are theoretically equivalent in every case studied, thus extending the previous conclusion for the general case. These conclusions provide the base for an integrated and more comprehensive urban economic theory and for the bid-choice land-use model.
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Farahani, Ilia. "Vanished in gaps, vanquished in rifts: the social ecology of urban spatial change in a working class residential area, Peykan-Shahr, Tehran, Iran." Journal of Political Ecology 20, no. 1 (December 1, 2013): 395. http://dx.doi.org/10.2458/v20i1.21753.
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The article aims to understand the forms and processes of socio-ecological changes following sociogeographical dislocation of workers in a working-class neighborhood (Peykan-Shahr) in Iran. The article integrates theories of gentrification and metabolic rift. Existing studies on urbanization in Iran refute the possibility of gentrification. This study, in contrast, by drawing attention to peculiarities of the capitalist economy in Iran, adapts the basic economic mechanisms of gentrification such as the rent/value gap and the concept of absolute rent, concluding that Peykan-Shahr is indeed in a process of gentrification. The theory of metabolic rift adds theoretical dimensions and complexity to the analysis and provides a richer understanding of the case. Grounded in Marx's labor theory of value, the analysis shows that by mediating the exploitation of labor/nature by capital through displacing workers from their houses, gentrification in Peykan-Shahr has caused a socio-ecological metabolic rift in terms of labor reproduction and deterioration of labor power.Key words: Socio-ecological metabolic rift, gentrification, absolute rent, Marxism, labor reproduction, political economy of Iran.
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SHI, Dan, and Junjie WANG. "Methods and Application of Evaluating the Economic Value of the Ecological Environment." Chinese Journal of Urban and Environmental Studies 04, no. 04 (December 2016): 1650030. http://dx.doi.org/10.1142/s2345748116500305.
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The evaluation of the economic value of the ecological environment can provide a vigorous support for protecting the ecological environment. The authors introduce several methods for the evaluation of economic value that are commonly used in the international community and their relevant applications; these include two methods for the evaluation of market value — the averting behavior/preventive expenditure method and the replacement cost/restoration cost method — as well as four methods for the evaluation of non-market value — the contingent valuation method, the choice experiment method, the hedonic price method and the travel cost method; moreover, they also introduce the application of the usually overlooked differential land rent theory in this field. Though these methods are widely applied, many matters need to be noted. At present, domestic research on evaluating the economic value of urban and suburban ecological environments remains extremely scarce. Regarding the preparation of the natural resource balance sheet that China is attempting to compile, only the overall economic value of the ecological environment across the country or in a specific large region is meaningful. The application of the methods for the evaluation of economic value in analyzing these issues can bring about many valuable research achievements. A combination of the mainstream foreign value evaluation methods with the Marxist differential land rent theory is conducive to evaluating the overall economic value of the ecological environment.
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Izyumov, Alexei, and John Vahaly. "Rent-based income redistribution in developed market economies." Вестник Пермского университета. Серия «Экономика» = Perm University Herald. ECONOMY 16, no. 1 (2021): 39–53. http://dx.doi.org/10.17072/1994-9960-2021-1-39-53.
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Public-sector workers in many countries earn more, on average, than their private-sector peers with similar characteristics. In terms of economic theory, these rewards represent economic rents most of which paid by a nation’s taxpayers. In contrast to economic rents accruing to recipients at the top of income distribution, most of these payments flow from one group of workers to another. For this reason, we call these payments “horizontal” economic rents. The level of horizontal rents is analyzed in this paper for 28 OECD countries, mostly representing Europe, based on public-private sector pay gap data from a number of studies. We found that measured as a ratio of public-sector overpayments to GDP, the highest horizontal rents are paid to government workers in Mediterranean EU countries. These rents are relatively low in larger EU countries, such as Germany and the United Kingdom and negative in Scandinavian countries, possibly reflecting the recognition of the non-monetary benefits of public employment, such as job security. Analyzing the determinants of horizontal rents, we found that their levels are lower in countries with stronger trade unions, as measured by trade-unions density and higher in countries with larger foreign-born populations. Macroeconomic variables, including GDP per capita, trade openness, labor force participation and government indebtedness were found to not measurably influence the level of horizontal rents. Further research is seen to be connected with a wider range of the countries under analysis, including the developing countries, and the other groups of employees with the horizontal economic rent, as well as the possible ways to decrease or to invalidate it as regards the practices analysis of the countries with the negligible or negative rent such as Denmark, Norway, Sweden, Portugal, and Iceland.
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Dyomina, Olga. "Natural Resources in Economic Development: Evolution of Theoretical Approaches." Spatial Economics 19, no. 3 (2023): 136–59. http://dx.doi.org/10.14530/se.2023.3.136-159.
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This paper considers the evolution of the main theoretical approaches considering the role of natural resources in economic development in the XVIII-XXI centuries. The study revels three main functions of natural resources in the economy: a factor of production, a traded commodity and natural capital as a component of national wealth (along with real and human capital). It is shown that at the present stage globalization processes have determined the dominant function of natural resources as a tradable commodity. It is determined that if until the end of the XX century the presence of rich and diverse natural resources ensured economic growth, then in the subsequent period natural resources had a multidirectional impact on economic dynamics. The author performs a comparative analysis of three theories that take natural resources into account: neoclassical theory of economic growth, neoclassical theory of international trade and institutional theory. In the neoclassical theory of economic growth natural resources are considered as a factor of production, which act as determinants of economic growth. This theory formulates the Dasgupta – Heal – Solow – Stiglitz model, which defines the conditions for sustainable economic growth in an economy with non-renewable natural resources. In the neoclassical theory of international trade, natural resources are primarily considered as a tradable commodity, and the possibilities of development of the economy dominated by natural capital by increasing foreign trade rent are analyzed. Within the framework of this theory, three concepts explaining different channels of natural capital impact on the economy through the connection with foreign markets are formulated: the trap of raw material specialization, the Prebisch – Singer hypothesis and the Dutch disease. The macroeconomic causes of the resource curse are identified. Institutional theory studies the role of institutional conditions in the economic development of countries dominated by natural capital. Within the framework of this theory, it is shown that the quality of institutions determines the nature of the impact of natural resource surplus on the rate of economic growth; the resource curse is defined as a violation of incentives to accumulate different forms of capital; rent-seeking is one of the main channels of negative impact in conditions of weak institutions. All the theories considered allow us to conclude that the development of the economy based on the exploitation of natural resources is possible in the long term, provided that compensatory mechanisms are formed to ensure the transformation of natural capital into other forms of capital