IDEAS home Printed from https://ideas.repec.org/a/bla/ajecsc/v51y1992i2p187-204.html
   My bibliography  Save this article

The Laws of Economic Rent and Property:

Author

Listed:
  • Cyrus Bina

Abstract

Economic rent in general, and oil rent in particular, is an historically‐specific, social category, reflective of unique property relations, which goes beyond the conventional notion of physical scarcity prevailing in economics literature Neither the Ricardian theory nor the neoclassical general equilibrium theory suitably explain the nature of the capital‐land relation and convey an understanding of the priority of their mutual interaction within the production process Being an effect of specific property relation, the phenomenon of rent merely assumes the status of a special category applicable to the concrete conditions of some industries Hence, political economy lacks a general theory of rent The concept of oil rent is based on the potentially conflicting interaction of ownership of oil reserves, and that of the oil leases, within the global oil industry The oil rent is the result of the transformation of the existing differential productivities of oil‐producing regions within the global oil industry The formation of global oil prices and differential oil rents rest on the global competition which has become a distinguishing feature of this industry since the early 1970s

Suggested Citation

  • Cyrus Bina, 1992. "The Laws of Economic Rent and Property:," American Journal of Economics and Sociology, Wiley Blackwell, vol. 51(2), pages 187-204, April.
    • Handle: RePEc:bla:ajecsc:v:51:y:1992:i:2:p:187-204
    DOI: 10.1111/j.1536-7150.1992.tb03347.x
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/j.1536-7150.1992.tb03347.x
    Download Restriction: no
    File URL: https://libkey.io/10.1111/j.1536-7150.1992.tb03347.x?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. John A. Hobson, 1891. "The Law of the Three Rents," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 5(3), pages 263-288.
    2. Clark, John Bates, 1890. "Distribution as Determined by a Law of Rent," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 5.
    3. Devarajan, Shantayanan & Fisher, Anthony C, 1982. "Exploration and Scarcity," Journal of Political Economy, University of Chicago Press, vol. 90(6), pages 1279-1290, December.
    4. Bina, Cyrus, 1989. "Competition, control and price formation in the international energy industry," Energy Economics, Elsevier, vol. 11(3), pages 162-168, July.
    5. John B. Clark, 1891. "Distribution as Determined by a Law of Rent," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 5(3), pages 289-318.
    6. Brown, Gardner, Jr, 1974. "An Optimal Program for Managing Common Property Resources with Congestion Externalities," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 163-173, Jan.-Feb..
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Franklin Obeng‐Odoom, 2021. "Oil Cities in Africa: Beyond Just Transition," American Journal of Economics and Sociology, Wiley Blackwell, vol. 80(2), pages 777-821, March.
    2. Franklin Obeng†Odoom, 2018. "Transnational Corporations and Urban Development," American Journal of Economics and Sociology, Wiley Blackwell, vol. 77(2), pages 447-510, March.
    3. de Carvalho, Joaquim Francisco & Mercedes, Sonia Seger P. & Sauer, Ildo L., 2010. "Precautionary principle, economic and energy systems and social equity," Energy Policy, Elsevier, vol. 38(10), pages 5399-5402, October.
    4. Robert Wade & Geraint Ellis, 2022. "Reclaiming the Windy Commons: Landownership, Wind Rights, and the Assetization of Renewable Resources," Energies, MDPI, vol. 15(10), pages 1-31, May.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Hansen, James & Gross, Isaac, 2018. "Commodity price volatility with endogenous natural resources," European Economic Review, Elsevier, vol. 101(C), pages 157-180.
    2. Sadorsky, P. A., 1989. "Measuring Resource Scarcity in Non-renewable Resources with Inequality Constrained Estimation," Queen's Institute for Economic Research Discussion Papers 275216, Queen's University - Department of Economics.
    3. Frank Jensen & Niels Vestergaard, 2002. "A Principal-Agent Analysis of Fisheries," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 158(2), pages 276-285, June.
    4. Tarui, Nori & Mason, Charles F. & Polasky, Stephen & Ellis, Greg, 2008. "Cooperation in the commons with unobservable actions," Journal of Environmental Economics and Management, Elsevier, vol. 55(1), pages 37-51, January.
    5. Kamiar Mohaddes, 2013. "Econometric modelling of world oil supplies: terminal price and the time to depletion," OPEC Energy Review, Organization of the Petroleum Exporting Countries, vol. 37(2), pages 162-193, June.
    6. Christian Elleby & Frank Jensen, 2018. "How Many Instruments Do We Really Need? A First-Best Optimal Solution to Multiple Objectives with Fisheries Regulation," IFRO Working Paper 2018/05, University of Copenhagen, Department of Food and Resource Economics.
    7. Eli Feinerman & Keith C. Knapp, 1983. "Benefits from Groundwater Management: Magnitude, Sensitivity, and Distribution," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 65(4), pages 703-710.
    8. Altobello, Marilyn A. & Diamond, Joseph E., 1980. "The Use Of Optimal Control Techniques For Managing The International Radio Spectrum," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 0(Number 2), pages 1-5, October.
    9. Julie Rozenberg & Stéphane Hallegatte & Adrien Vogt-Schilb & Olivier Sassi & Céline Guivarch & Henri Waisman & Jean Charles Hourcade, 2010. "Climate policies as a hedge against the uncertainty on future oil supply," Working Papers hal-00866449, HAL.
    10. Smith, James L., 2012. "On the portents of peak oil (and other indicators of resource scarcity)," Energy Policy, Elsevier, vol. 44(C), pages 68-78.
    11. Elin Berg & Snorre Kverndokk & Knut Einar Rosendahl, 1999. "Optimal Oil Exploration under Climate Treaties," Discussion Papers 245, Statistics Norway, Research Department.
    12. Jason Delaney & Sarah Jacobson, 2016. "Payments or Persuasion: Common Pool Resource Management with Price and Non-price Measures," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 65(4), pages 747-772, December.
    13. Wasantha Athukorala & Clevo Wilson, 2012. "Groundwater overuse and farm-level technical inefficiency: evidence from Sri Lanka," School of Economics and Finance Discussion Papers and Working Papers Series 279, School of Economics and Finance, Queensland University of Technology.
    14. Halvorsen, Robert & Smith, Tim R, 1984. "On Measuring Natural Resource Scarcity," Journal of Political Economy, University of Chicago Press, vol. 92(5), pages 954-964, October.
    15. Frank Jensen & Jesper Andersen & Carsten Lynge Jensen, 2012. "Investment behaviour in individual nontransferable quota systems," Applied Economics, Taylor & Francis Journals, vol. 44(8), pages 969-978, March.
    16. Arezki, Rabah & van der Ploeg, Frederick & Toscani, Frederik, 2019. "The shifting natural wealth of nations: The role of market orientation," Journal of Development Economics, Elsevier, vol. 138(C), pages 228-245.
    17. Francisco Alvarez-Cuadrado & Ngo Van Long, 2008. "Relative Consumption and Resource Extraction," CIRANO Working Papers 2008s-27, CIRANO.
    18. Gardner Brown, 2000. "Renewable Natural Resource Management and Use Without Markets," Working Papers 0025, University of Washington, Department of Economics.
    19. Kirk Hamilton & Giles Atkinson, 2013. "Resource Discoveries, Learning and National Income Accounting," GRI Working Papers 117, Grantham Research Institute on Climate Change and the Environment.
    20. Norton, George W., 1976. "Constraints To Increasing Livestock Production In Less Developed Countries: A Literature Review," Staff Papers 14043, University of Minnesota, Department of Applied Economics.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:ajecsc:v:51:y:1992:i:2:p:187-204. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0002-9246 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.