@CeciliaRikap In full agreement. But it is critical to be aware of the various definitions of rent and rent-seeking. The Neoclassical one dominates, while the Classical seems to have been forgotten. For example, https://t.co/BhZLyWdbmN that somehow does no
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RT @Phil_Free_: “Keynes, for example, described the ‘investing class’ as ‘functionless’ rentiers who ‘exploit the scarcity-value of capital…
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“Keynes, for example, described the ‘investing class’ as ‘functionless’ rentiers who ‘exploit the scarcity-value of capital’, extracting interest that ‘rewards no genuine sacrifice, any more than does the rent of land’.” Rival definitions of economic rent
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RT @Phil_Free_: “…by the 1890s, many economists & political theorists sympathetic to socialist goals shifted from their Lockean arguments b…