Question

Define rent? Explain Ricardian theory of rent in detail? ​

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.

Answer 2

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.”

Explanation:

In his theory, rent is nothing but the producer's surplus or differential gain and it is found in land only.