Question

Define Rent and explain critically the Ricardian theory of rent.​

Answer 1

Answer:

Ricardo defined rent as “that portion of the produce of the earth which is paid to the landlord for the use of the original and indestructible powers of the soil.” In his theory, rent is nothing but the producer's surplus or differential gain and it is found in land only.

Explanation:

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Answer 2

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• ʀɪᴄᴀʀᴅᴏ ᴅᴇғɪɴᴇᴅ ʀᴇɴᴛ ᴀs “ᴛʜᴀᴛ ᴘᴏʀᴛɪᴏɴ ᴏғ ᴛʜᴇ ᴘʀᴏᴅᴜᴄᴇ ᴏғ ᴛʜᴇ ᴇᴀʀᴛʜ ᴡʜɪᴄʜ ɪs ᴘᴀɪᴅ ᴛᴏ ᴛʜᴇ ʟᴀɴᴅʟᴏʀᴅ ғᴏʀ ᴛʜᴇ ᴜsᴇ ᴏғ ᴛʜᴇ ᴏʀɪɢɪɴᴀʟ ᴀɴᴅ ɪɴᴅᴇsᴛʀᴜᴄᴛɪʙʟᴇ ᴘᴏᴡᴇʀs ᴏғ ᴛʜᴇ sᴏɪʟ.” ɪɴ ʜɪs ᴛʜᴇᴏʀʏ, ʀᴇɴᴛ ɪs ɴᴏᴛʜɪɴɢ ʙᴜᴛ ᴛʜᴇ ᴘʀᴏᴅᴜᴄᴇʀ's sᴜʀᴘʟᴜs ᴏʀ ᴅɪғғᴇʀᴇɴᴛɪᴀʟ ɢᴀɪɴ ᴀɴᴅ ɪᴛ ɪs ғᴏᴜɴᴅ ɪɴ ʟᴀɴᴅ ᴏɴʟʏ.