generation of rents (as a distinctly different mechanism from profit maximising business activity), we use a broader notion of … rent than it was customary in the past 50 years. We return to the Ricardian tradition and define the institution of rent as … payments for goods, services or for work in employment that exceed the competitive price. Our rent concept includes - inter …

correlated with a 1% increase in rent. Market power is substantial: on average, markups account for nearly a third of rents in …