Rent under the Assumption of Exhaustibility

Lewis Cecil Gray

The Quarterly Journal of Economics, 1914, vol. 28, issue 3, 466-489

Abstract: The abstract character of the conception of land as the basis of rent, 466. — Modification of the rent theory according to the possibility of preventing exhaustion, 469. — Effect of the assumption of exhaustion upon the economic intensity of utilization, 471. — Influence of the rate of interest on intensity of utilization, 474. — Influence of prices on intensity of utilization, 477. — Determination of the extensive margin, 480. — The so-called royalty from mines forms a part of economic rent; Ricardo's discussion, 481. — Relation of royalties and rents to prices, 485. — Incidence of taxation under the modified assumptions, 486. — Conclusion, 488.

Date: 1914
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