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I always thought "absolute rent" was a remnant of feudalism, a monopoly
charge sustained by a formal or informal collusion of landowners. Was it a
feature of California in the 1840s or Alaska in the 1890s?
>Why must one assume that the gold producers earn(ed) no absolute
>rent? That is, if the marginal gold producer earns only the average rate
>of profit, then his production produces no rent. Must this happen?
>Why? Is this a natural thing or social determined concept or something
>necessary to preserve the idea of a computable equilibrium rate of
>What of other producers in sectors that earn rent?
Duncan K. Foley
Department of Economics
New School University
65 Fifth Avenue
New York, NY 10003
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