黄新飞 《微观经济学》Chapter 14.pptVIP

Chapter 14 Land And Rent 黄新飞 International Business School Sun－Yat Sen University * Rent as Return to Fixed Factors The price of using a piece of land for a period of time is called rent or, pure economic rent. Rent is the payment of the use of factors of production that are fixed in supply. * Fixed Land Must Work for whatever it can earn R L D D S S Perfectly inelastic supply characterizes the case of rent. We run up the SS curve to the factor demand curve to determine rent. * Rent of land (dollars per year) Quantity of land S D D’ 400 300 200 100 0 Q In economics, we say that the landlord bears the burden of the tax. S E’ E L D’ D * Taxing Land A tax on fixed land leaves prices paid by users unchanged at E but reduces rent retained by landowners to E’ R L D D S S 100 200 300 0 E E’ D’ D’ * The Single Tax Movement That is precisely the conclusion reached by someone a continent away in a similar situation. That person was the journalist Henry George, the time and place was 19th-century America, and the debate was over the so-called single tax movement.“ A tax on pure economic rent leads to no allocative inefficiency or dead weight loss * Basic Concepts Capital (or capital goods) consists of those durable produced goods that are in turn used as productive input for further production. There are three major categories of capital goods: structures, equipment, and inventories of inputs and outputs. * Price and Rentals on Capital Goods Price of capital goods denotes the price of capital goods bought and sold in capital-goods markets. Payments for temporary use of capital goods called rentals. * The Rate of Return on Capital The rate of return on capital denotes the net dollar per year for every dollar of invested capital. * 课堂测试 14世纪的欧洲，鼠疫的流行在短短几年内夺去了大约三分之一人口的生命。这个被称为黑死病的事件为检验我们刚刚提出了一个可怕的自然实验。你认为工人攒到的工资和土地所有者的租金有什么变动呢？ * Financial Assets and Interest Rate Financial assets include Cash, and those assets that can be