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by droopyEyelids
1713 days ago
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This is the concept of "economic rent" It was really difficult to understand the concept in my mind, and the myriad places it applies, but it has helped me understand a lot of stuff. Also an interesting fact: When Adam Smith said "free markets" what he meant was "free of economic rent". That is maybe as radical an idea now in our era of health insurance and credit based finance as it was in Smith's day of the "place men" of Britain. |
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