Define the scarcity Rent of Marshall.
Also Quasi Rent
and transfer earnings by Robinnson
Answers
Answer:
PROFESIONQL MARSHELL EXPLAIN CONCEPT OF CUROSITY RENT. ON THE BASIS OF DEMAND AND SUPPLY.
IN GENEVERAL LAND HAS INDIRECT DEMAD,IF THEY EXPLOSION OF POPULATION DEMAND FOR LAND INCREASES RESULTING IN RISE IJ ITS PRICE!!
Modern theory of rent is an amplified and modified version of Ricardian theory of Rent. It was first of all discussed by J.S. Mill and after that developed by economists like Jevons, Pareto, Marshall, Joan Robinson etc.
According to modern theory, economic rent is a surplus which is not peculiar to land alone. It can be a part of income of labour, capital, entrepreneur.
According to modern version rent is a surplus which arises due to difference between actual earning and transfer earning.
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