By josephivo Rent The word rent has a long history. Here we use it in its more modern definition, e.g. according to Robert Tollison (1982), economic rents are “excess returns” above the “normal levels” that are generated in competitive markets. More specifically, a rent is “a return in excess of the resource owner’s opportunity cost”. Joseph … Continue reading Binay, the poor, and changing from a rent seeking society to a competitive society