Rent is an entrepreneurial income from property that accumulates as a stock of goods. The property is the ultimate basis for entrepreneurship: any enterprise starts with some deficient goods and goes on to create economic goods from them. The result is a rent, which is an acquisition of returns consisting of goods again. In the process, the property is accumulated as a stock of goods in the rent, and it is persistent with the help of the subsequently acquired new rent from it. The inherent productivity of entrepreneurially utilised property is visible in the often exceeding size of rent compared to the particular property from which it is derived.
Historical Backdrop
• JAMES MILL Elements of Political Economy: property.
• SISMONDE DE SISMONDI Political Economy and the Philosophy of Government: social income.
• ALFRED MARSHALL Principles of Economics: quasi-rent.
• IRVING FISHER The Nature of Capital and Income: income.
• GORDON TULLOCK The Rent-seeking Society: rent.
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