What ismodern theory of rent? Is it an improvement over ricardian theory?
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Modern theory of rent is an improvement or modification over the Ricardian theory of rent. Economists like Marshall, Mrs. Joan Robinson and Bounding contributed to the ideas of rent which is called modern theory of rent. Ricardo's theory explains why one land commands higher rent than another.
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Explanation:
Modern theory of rent is an improvement or modification over the Ricardian theory of rent. Economists like Marshall, Mrs. Joan Robinson and Bounding contributed to the ideas of rent which is called modern theory of rent. Ricardo's theory explains why one land commands higher rent than another.
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