Rent Rent is the payment for use of a resource, whether it be land, labor, equipment, ideas, or even money In economic theory, the payment for a resource where the availability of the resource is insensitive to the size of the payment received for its use is named"economic rent'orquasi-rentdepending on whether the insensitivity to price is permanent or temporary Armen A Alchian 1987 2003/4/3 浙江大学03第4讲交易中的产权2003/4/3 浙江大学03 第4讲 交易中的产权 3 Rent • Rent is the payment for use of a resource, whether it be land, labor, equipment, ideas, or even money. …… • In economic theory, the payment for a resource where the availability of the resource is insensitive to the size of the payment received for its use is named “economic rent” or “quasi-rent”depending on whether the insensitivity to price is permanent or temporary. • Armen A.Alchian 1987