Question

(a) Compare and contrast the Marshall’s concept of rent with that given by the Ricardian.

06 Jul 2022
Answer :
Word Count : 596

According to Ricardo rent arises as the difference between production of Marginal land (On which zero rent accrues) and superior land. As there is general tendency to move from most fertile land (Attracts highest rent) to the less fertile land, a point comes where no rent accrues to what is called a Marginal land. So in this way Ricardo classified land into various grades according to their fertility. The most fertile land will attract highest rent and Marginal land will attract no rent indicating the land to be the infertile one.

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