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Cited by 54Economic Theory and PolicyEconomic Theory and InstitutionsPolitical Economy and Marxism

Mapping modern economic rents: the good, the bad, and the grey areas

Open access
Mazzucato, Mariana, Ryan-Collins, Josh, Gouzoulis, Giorgos·2023·Cambridge Journal of Economics
DOI 10.1093/cje/bead013
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Abstract

There is increasing consensus that modern capitalist economies suffer from excessive rent extraction in both financial and real economy sectors. However, scholars have yet to develop a coherent analytical framework for identifying the common characteristics of modern economic rents. In particular, there has been little attention paid to distinguishing ‘good’ rents—key to innovation and growth—from ‘bad’ forms which contribute to economic stagnation and inequalities of wealth and income. This paper takes some first steps in this direction. We first review the existing rent theory most pertinent to this distinction, including classical political economy, the early twentieth century institutionalists, neoclassical perspectives and Keynes’s analysis of financial rentiers. Secondly, we map and conceptualise some key stylised features of modern rents, drawing on descriptive empirical evidence. We then identify the key questions that these developments raise for rent theory, elaborating a new research and policy agenda.

AI snapshot

Written from the paper’s full text.

TL;DR

The paper argues that modern economies suffer from excessive “bad” extractive rents, but that Schumpeterian innovation rents can be “good” and some rents are “grey,” so policy must distinguish among them. It reviews rent theories and maps rents across land/finance, natural resources, corporate financialisation, patents, and digital platforms, proposing a research and policy agenda.

Key findings

  • The paper distinguishes “good” transient Schumpeterian rents that support innovation and growth from “bad” permanent extractive rents that contribute to inequality and stagnation, while noting “grey areas” remain unresolved; it states this good-vs-bad distinction had not been subject to empirical or theoretical analysis.
  • Across sectors, it reports: advanced-economy mortgage lending overtook non-mortgage lending in the 1990s and reached 70% of GDP, up from 20% in the 1950s; in the UK only around 10% of bank lending supports non-financial firm investment; US non-financial corporations’ net equity issues averaged −$412 billion per year over 2006–17, with more than half of US buybacks debt-funded; Uber and Lyft extract approximately 25–35% of the total fare; and in an Amazon example, 100 books at £10 average price yield £1,400 total customer payment, £1,140 producer revenue, and £260 (22%) Amazon rent, excluding a £25 monthly subscription and other fees.
  • It argues contemporary rentierism is pervasive, with different rent-extraction models across sectors and social classes, and that rent accumulation is self-fulfilling: it elevates the economy’s cost structure, undermines productive investment and innovation, and represses household demand.
  • Policy implications include socialising “bad” rents through taxation, public ownership, equity stakes, and conditionalities; stimulating “good” rents via public investment in innovation and R&D; reforming patents toward shorter duration and reinvestment; and refocusing competition policy on prices closer to production costs plus normal profit.

Methods

  • Conceptual and theoretical review plus sectoral mapping; no new econometric estimation is presented.
  • It synthesises classical political economy, institutionalist/evolutionary, neoclassical rent-seeking, and Keynesian/post-Keynesian financialisation literatures, then maps rents across land/finance, natural resources, corporate governance, patents, and digital platforms.
  • It uses secondary data and stylised facts, including figures sourced from Jordà et al. (2016), Knoll et al. (2017), OECD/FRED, and World Bank data, plus an illustrative Amazon fee calculation using Amazon’s online calculator.

Limitations

  • Stated: the paper calls its review “brief and selective,” “by no means a comprehensive overview,” and “limited in scope and depth,” describing it as a starting point for further research.
  • Stated: future research should empirically test how rising rentier costs affect investment, innovation, and wages across different institutional structures, and more in-depth case-study research is needed, especially for digital-sector rentier business models where data access is a particular issue.
  • Evident: the good/bad/grey distinction remains largely conceptual and is not empirically operationalised; the paper relies on secondary data, stylised facts, and illustrative examples rather than systematic measurement or causal identification.

Model-written summary. Check it against the paper before relying on it.

Integrity signals

Registry

Crossref · 10.1093/cje/bead013

Cites

98 of 98 references verified0 citation errors · 0 not checkable

Statistics

Nothing to recompute.

Claims the paper makes

17 of 89 cited sources checked · 5 supported · 0 flagged · accuracy not yet measured

  • Premisecitation

    Rising financial commitments for non-financial firms are associated with the decline of real investment in both advanced and developing economies over the last 30 years.

    “First, rising financial commitments for non-financial firms are associated with the decline of real investment in both advanced and developing economies over the last 30 years”
    Quote in the paperSubstantial claim1 of 3 sources checked
    • cites Stockhammer, 2004 source
    • cites Tori and Onaran, 2018, 2020, 2022

      Couldn’t be matched to a paper in Crossref, so it can’t be checked.

    • cites Stockhammer and Gouzoulis, 2022 source

      The Econometric results and discussion (section 5; page unavailable) find a negative association between business debt and real investment in the United States, including during 1973–2014. That supports the debt–investment relationship, but the paper does not establish it for both advanced and developing economies or specifically for the last 30 years. (LLM, conf=0.88)

      Experimental — accuracy not yet measured
  • Premisecitation

    The rise of household financialisation has made indebted working-class households more risk-averse at the workplace due to fear of defaulting on their debt and thus more compliant to accept wage cuts and work under precarious contracts.

    “Finally, the rise of household financialisation has made indebted working-class households more risk-averse at the workplace due to fear of defaulting on their debt and thus more compliant to accept wage cuts and work under precarious contracts”
    Quote in the paperNot a substantial claim1 of 3 sources checked
    • cites Gouzoulis, 2021 source

      The Household Finance section says debt commitments make workers fear default and avoid risking employment by bargaining more aggressively or joining unions. The France and Sweden results also link household indebtedness to working-class self-discipline. Our copy does not specifically say indebted workers accept wage cuts or precarious contracts. (LLM, conf=0.87)

      Experimental — accuracy not yet measured
    • cites Gouzoulis, 2023 source
    • cites Gouzoulis et al., 2023a, b

      Couldn’t be matched to a paper in Crossref, so it can’t be checked.

  • Premisecitation

    Large state investment banks lend to sectors aligned with industrial and economic policy goals.

    “This includes large state investment banks that lend to sectors aligned with industrial and economic policy goals (Mazzucato, 2021)”
    Quote in the paperNot a substantial claim1 of 1 sources checked
    • cites Mazzucato, 2021 source

      The ‘Problems of the existing biopharmaceutical innovation system’ section says government agencies provide high-risk finance to companies, supporting the broader point about public financing. It does not identify large state investment banks or say they lend to sectors selected to align with industrial and economic policy goals; searches for investment banks and sectoral lending found no such passage. Page numbers were unavailable in our copy. (LLM, conf=0.78)

      Experimental — accuracy not yet measured
  • Findingcitation

    House prices, largely driven by land values, have risen at a much faster rate than incomes and consumer prices in nearly all advanced economies over the last 40 years.

    “But for the last 40 years house prices, largely driven by land values, have risen at a much faster rate than incomes and consumer prices in nearly all advanced economies (Piketty, 2014;Knoll et al., 2017 and see figure 1)”
    Quote in the paperSubstantial claim1 of 2 sources checked
    • cites Piketty, 2014

      Couldn’t be matched to a paper in Crossref, so it can’t be checked.

    • cites Knoll et al., 2017 source
  • Findingcitation

    In countries like Germany, a key part of the successful transition to clean energy has been active government intervention and subsidies for cleaner production in sectors like steel and gas.

    “Indeed, in countries like Germany, a key part of the successful transition to clean energy has been active government intervention and subsidies for cleaner production in sectors like steel and gas (Mazzucato, 2015).”
    Quote in the paperSubstantial claim1 of 1 sources checked
    • cites Mazzucato, 2015 source

      The Wind section describes German government funding, incentives and public finance as supporting wind energy and the Energiewende. The chapter therefore supports the role of active intervention in Germany’s clean-energy transition, but the passages found do not support the claim about subsidies for cleaner production in steel and gas. (LLM, conf=0.88)

      Experimental — accuracy not yet measured
  • May combine two claims. 47
  • Classified as probably not a substantial claim. 57

  • May combine two claims.

    Premisecitation

    Natural resource rents maintain ecologically unsustainable forms of production and are in part responsible for a cost-of-living crisis in many economies today following rising energy costs due to the Russia-Ukraine war.

    “Natural resource rents maintain ecologically unsustainable forms of production (Ahmadov and van der Borg, 2019) and are in part responsible for a cost-of-living crisis in many economies today following rising energy costs due to the Russia-Ukraine war.”
    Quote in the paperNot a substantial claim1 of 1 sources checked
    • cites Ahmadov and van der Borg, 2019 source

      The citation attaches to the claim about rents maintaining ecologically unsustainable production, not to the subsequent cost-of-living claim. The paper’s Results (section 5) associate petroleum rents with decreased renewable energy production, which supports the point for petroleum rents. But it associates total natural resource rents with increased renewable production, so the claim overgeneralizes from petroleum to natural resources as a whole. (LLM, conf=0.86)

      Experimental — accuracy not yet measured

  • May combine two claims.

    Premisecitation

    Land rents are exploding alongside a housing affordability crisis in many advanced economy cities.

    “Land rents are exploding alongside a housing affordability crisis in many advanced economy cities”
    Quote in the paperNot a substantial claim1 of 2 sources checked
    • cites Knoll et al., 2017 source

      Section 5.3 reports a surge in residential land prices that fueled a broad house-price boom, supporting the claim's underlying price trend. The paper does not establish that land rents are exploding or document a housing affordability crisis in many cities; its finding concerns land prices across advanced economies. (LLM, conf=0.88)

      Experimental — accuracy not yet measured
    • cites Ryan-Collins et al., 2017

      Couldn’t be matched to a paper in Crossref, so it can’t be checked.

  • May combine two claims.

    Premisecitation

    The financial sector increasingly allocates resources towards unproductive activities, charging fees and interest.

    “The financial sector increasingly allocates resources towards unproductive activities, charging fees and interest in the process”
    Quote in the paperNot a substantial claim1 of 2 sources checked
    • cites Bezemer and Hudson, 2016 source
    • cites Jayadev and Epstein, 2019 source

  • May combine two claims.

    Premisecitation

    The neoclassical approach takes a subjective view of rents, focussing on individual preferences and marginal productivity in determining economic value in markets, neglecting the role of ownership, power and the (original) distribution of rents.

    “This takes a subjective view of rents, focussing on individual preferences and marginal productivity in determining economic value in markets, neglecting the role of ownership, power and the (original) distribution of rents”
    Quote in the paperSubstantial claim1 of 3 sources checked
    • cites Ryan-Collins et al., 2017, Ch. 2

      Couldn’t be matched to a paper in Crossref, so it can’t be checked.

    • cites Mazzucato, 2018

      Couldn’t be matched to a paper in Crossref, so it can’t be checked.

    • cites Stratford, 2022 source

      Split into 2 atoms — 1 confirmed, 1 partially supported, 0 disputed, 0 misattributed, 0 unverifiable. Expand the claim to see per-atom verdicts.

      Experimental — accuracy not yet measured

  • May combine two claims.

    Premisecitation

    The shift of many non-financial firms' portfolios towards large investments in financial assets has 'disconnected' their profitability from value creation further contributing to the decline of real investment and growth.

    “Second, the shift of many non-financial firms' portfolios towards large investments in financial assets has 'disconnected' their profitability from value creation further contributing to the decline of real investment and growth”
    Quote in the paperNot a substantial claim1 of 2 sources checked
    • cites Tomaskovic-Devey et al., 2015 source
    • cites Bezemer et al., 2016 source

  • May combine two claims.

    Premisecitation

    Post-Keynesian economists have emphasised the growth of private debt (in particular mortgage credit) as a key source of income for financial rentiers enabled by deregulation and the shift towards consumer-price inflation targeting by central banks, alongside declining public investment.

    “Post-Keynesian economists have emphasised the growth of private debt (in particular mortgage credit) as a key source of income for financial rentiers enabled by deregulation and the shift towards consumer-price inflation targeting by central banks, alongside declining public investment”
    Quote in the paperNot a substantial claim2 of 3 sources checked
    • cites Bezemer and Hudson, 2016 source

      Split into 2 atoms — 0 confirmed, 1 partially supported, 0 disputed, 0 misattributed, 1 unverifiable. Expand the claim to see per-atom verdicts.

      Experimental — accuracy not yet measured
    • cites Seccareccia and Lavoie, 2016 source

      Split into 2 atoms — 0 confirmed, 0 partially supported, 0 disputed, 0 misattributed, 2 unverifiable. Expand the claim to see per-atom verdicts.

      Experimental — accuracy not yet measured
    • cites Jayadev and Epstein, 2019 source

  • May combine two claims.

    Findingcitation

    The large oil sector in Africa has been a curse since weak political institutions and globalisation has led domestic corporate trusts and multinational corporations to monopolise these rents with minor-if any-economic benefits for domestic populations.

    “For example, the large oil sector in Africa has been a curse since weak political institutions and globalisation has led domestic corporate trusts and multinational corporations to monopolise these rents with minor-if any-economic benefits for domestic populations (Duruigbo, 2005).”
    Quote in the paperNot a substantial claim1 of 1 sources checked
    • cites Duruigbo, 2005

      Split into 2 atoms — 1 confirmed, 1 partially supported, 0 disputed, 0 misattributed, 0 unverifiable. Expand the claim to see per-atom verdicts.

      Experimental — accuracy not yet measured

  • May combine two claims.

    Findingcitation

    For many developing countries, the ownership of natural resources in a globalised world has not led to increased welfare, but to rising rents and exploitation.

    “For many developing countries, the ownership of natural resources in a globalised world has not led to increased welfare (for a survey see Frankel, 2010), but to rising rents and exploitation.”
    Quote in the paperSubstantial claim1 of 1 sources checked
    • cites Frankel, 2010 source

  • Probably not a substantial claim: may not pass S3 (load-bearing), S4 (based).

    Findingnone given

    Similar dynamics have occurred in the corporate real estate market, although more cyclical and volatile.

    “Similar dynamics have occurred in the corporate real estate market, although this has been more cyclical and volatile in general.”
    Quote in the paperNot a substantial claim

  • May combine two claims.

    Findingcitation

    Levels of homeownership have plateaued and begun to fall in many advanced economies.

    “levels of homeownership have plateaued and indeed begun to fall in many advanced economies (Ryan-Collins, 2018)”
    Quote in the paperNot a substantial claim0 of 1 sources checked
    • cites Ryan-Collins, 2018

  • May combine two claims.

    Findingcitation

    From the 1980s onward, deregulation of the banking sector has seen a huge expansion in mortgage lending that has driven up land values and house prices.

    “from the 1980s onward, deregulation of the banking sector has seen a huge expansion in mortgage lending that has driven up land values and house prices (Ryan-Collins, 2018)”
    Quote in the paperSubstantial claim0 of 1 sources checked
    • cites Ryan-Collins, 2018

  • May combine two claims.

    Findingcitation

    In South Korea and Singapore land is owned or controlled to a much greater extent by the state (in Singapore 90% of the land is publicly owned) meaning the land rents are effectively socialised and can be used to support more affordable housing.

    “Notably, in South Korea and Singapore land is owned or controlled to a much greater extent by the state (in Singapore 90% of the land is publicly owned) meaning the land rents are effectively socialised and can be used to support more affordable housing (Haila, 2015).”
    Quote in the paperSubstantial claim0 of 1 sources checked
    • cites Haila, 2015 source

  • Probably not a substantial claim: may not pass S3 (load-bearing), S4 (based).

    Findingnone given

    Institutional investor finance has been channelled into real estate via the creation of mortgage-backed securities and related financial innovations.

    “Institutional investor finance has also been channelled into real estate via the creation of mortgage-backed securities and related financial innovations.”
    Quote in the paperNot a substantial claim

  • May combine two claims.

    Findingcitation

    The UK and North Sea oil have wasted similar opportunities and allowed these rents to be privatised.

    “Other advanced economies, like the UK and North sea oil, have wasted similar opportunities and allowed these rents to be privatised (Christophers, 2020, Ch. 2)”
    Quote in the paperNot a substantial claim0 of 1 sources checked
    • cites Christophers, 2020

      Couldn’t be matched to a paper in Crossref, so it can’t be checked.

  • Probably not a substantial claim: may not pass S3 (load-bearing), S4 (based).

    Findingnone given

    The recent nationalisation of major national energy companies by some European countries in the light of the energy crisis caused by the Ukrainian war is an example of the socialisation of rents but only under extreme political pressure.

    “The recent nationalisation of major national energy companies by some European countries in the light of the energy crisis caused by the Ukrainian war is an example of the socialisation of rents but only under extreme political pressure.”
    Quote in the paperNot a substantial claim

  • May combine two claims.

    Findingreasoning

    Middle-class households in advanced economies invest in housing as a financial asset, either enjoying windfall capital gains or rising ground rents if they become landlords.

    “middleclass households in advanced economies invest in housing as a financial asset, either enjoying windfall capital gains (as primary residences are typically not taxed) or rising ground rents if they become landlords.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S3 (load-bearing), S4 (based).

    Findingnone given

    The patent box policy, now widely used in the EU, gives tax relief on profits arising from registering a patent.

    “The 'patent box' policy, now widely used in the EU, gives tax relief on profits arising from registering a patent”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S3 (load-bearing). May combine two claims.

    Findingcitation

    In the USA most states still employ property taxes on primary residences, although as a proportion of total tax this has been in decline for many years.

    “In the USA most states still employ property taxes on primary residences although as a proportion of total tax this has been in decline for many years(Ryan-Collins, 2018, p. 26).”
    Quote in the paperNot a substantial claim0 of 1 sources checked
    • cites Ryan-Collins, 2018, p. 26

  • May combine two claims.

    Findingreasoning

    Contemporary rentierism is a pervasive phenomenon, with different rent extraction business models existing in different sectors and social classes with diverse rentier interests.

    “our review suggests that contemporary rentierism is a pervasive phenomenon, with different rent extraction business models existing in different sectors and social classes with diverse rentier interests.”
    Quote in the paperSubstantial claim
    • Rests on an assumption: The sectors reviewed in the survey are representative enough to support conclusions about contemporary capitalism.

  • May combine two claims.

    Findingcitation

    In the USA, over the decade 2006-17, net equity issues of non-financial corporations averaged -$412 billion per year, meaning more money has gone into the stock market than been taken out.

    “In the USA for example, over the decade 2006-17 net equity issues of non-financial corporations averaged -$412 billion per year (Lazonick, 2018), meaning more money has gone into the stock market than been taken out.”
    Quote in the paperSubstantial claim0 of 1 sources checked
    • cites Lazonick, 2018 source

  • Probably not a substantial claim: may not pass S4 (based).

    Findingnone given

    In both the real estate and non-financial corporate sectors, financialisation has led to positive feedback cycles driven by asset price inflation.

    “as we noted in both the real estate and non-financial corporate sectors where financialisation has led to positive feedback cycles driven by asset price inflation.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S3 (load-bearing), S4 (based).

    Findingnone given

    Historically low interest rates over the past two decades have somewhat ameliorated annual debt-servicing costs of households in advanced economies.

    “Historically low interest rates over the past two decades have somewhat ameliorated annual debtservicing costs of households in advanced economies.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S2 (checkable).

    Interpretationreasoning

    Without such identification, effective policy frameworks for dealing with rents will be harder to develop and justify.

    “Without such identification, effective policy frameworks for dealing with rents will be harder to develop and justify.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S4 (based).

    Premisenone given

    The extent to which rents may be defined as 'good'-transient rents that are key to innovation and growth-rather than 'bad'-permanent rents that contribute to inequality and economic stagnation-has not been subject to empirical or theoretical analysis.

    “The extent to which rents may be defined as 'good'-transient rents that are key to innovation and growth-rather than 'bad'-permanent rents that contribute to inequality and economic stagnation-has not been subject to empirical or theoretical analysis.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S3 (load-bearing).

    Premisenone given

    Neo-Marxist scholars have elaborated on the conceptual distinction between 'unequal exchange economies' and 'rentier economies'.

    “More recently, neo-Marxist scholars have elaborated on the conceptual distinction between 'unequal exchange economies' and 'rentier economies'.”
    Quote in the paperNot a substantial claim

  • May combine two claims.

    Interpretationreasoning

    Increasing natural resource rents flowing to private actors will increase the costs of production, reducing investment, innovation and aggregate demand.

    “Increasing natural resource rents flowing to private actors will indeed increase the costs of production, reducing investment, innovation and aggregate demand.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S3 (load-bearing), S4 (based). May combine two claims.

    Premisenone given

    Institutionalists viewed the state as a potential rent minimiser: if key sectors of the economy are state-owned or state-regulated then rent extraction will be minimised, assuming the state itself does not engage in rent extraction.

    “Institutionalists viewed the state as a potential rent minimiser: if key sectors of the economy are state-owned or state-regulated then rent extraction will be minimised, assuming the state itself does not engage in rent extraction.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S4 (based). May combine two claims.

    Premisenone given

    In the short run, patents can be seen to support Schumpeterian rents, but longer/broader patents enable monopolistic profits.

    “In the short run, patents can be seen to support Schumpeterian rents, but longer/broader patents enable monopolistic profits”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S2 (checkable), S3 (load-bearing), S4 (based). May combine two claims.

    Interpretationnone given

    This brief and selective review of the key theoretical approaches to economic rent shows a diverse range of approaches, many with theoretical and empirical challenges.

    “This brief and selective review of the key theoretical approaches to economic rent shows a diverse range of approaches, many with theoretical and empirical challenges.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S3 (load-bearing). May combine two claims.

    Premisecitation

    Rents are seen as 'abnormal' or 'supernormal' profits that arise in non-equilibrium conditions caused by either the creation of artificial monopolies or interventions in markets or short-term frictions and information asymmetries.

    “Rents are seen as 'abnormal' or 'supernormal' profits that arise in non-equilibrium conditions caused by either the creation of artificial monopolies or interventions in markets (e.g.collective bargaining) that privilege certain groups; or short-term frictions and information asymmetries”
    Quote in the paperNot a substantial claim0 of 1 sources checked
    • cites Stiglitz, 1996

      Couldn’t be matched to a paper in Crossref, so it can’t be checked.

  • Probably not a substantial claim: may not pass S3 (load-bearing).

    Premisecitation

    Neoclassical economic theory argues that in the process of market exchange firms and consumers determine value subjectively.

    “Neoclassical economic theory, which began to gain credence in the nineteenth century, argues that in the process of market exchange firms and consumers determine value subjectively.”
    Quote in the paperNot a substantial claim0 of 3 sources checked
    • cites Marshall, 1890

      Couldn’t be matched to a paper in Crossref, so it can’t be checked.

    • cites Clark, 1891

      Couldn’t be matched to a paper in Crossref, so it can’t be checked.

    • cites Wicksteed, 1914 source

  • Probably not a substantial claim: may not pass S3 (load-bearing).

    Premisecitation

    According to Keynes, financial rentier activity is 'parasitic' in the sense that rentiers profit from their accumulated wealth, without creating employment or value.

    “According to Keynes, such activity is 'parasitic' in the sense that rentiers profit from their accumulated wealth, without creating employment or value”
    Quote in the paperNot a substantial claim0 of 1 sources checked
    • cites Henry, 2001 source

  • May combine two claims.

    Interpretationreasoning

    Ownership of a scarce natural resource assigns substantial monopoly power and the opportunity for significant rentier income.

    “Thus, ownership of such a scarce resource assigns substantial monopoly power and the opportunity for significant rentier income.”
    Quote in the paperSubstantial claim
    • Rests on an assumption: Non-renewable natural resources can be—and indeed are being—exhausted.

  • May combine two claims.

    Interpretationreasoning

    Strong unions are likely to induce higher investment, rather than impede it, and wage premium constitutes a form of a 'good rent'.

    “Therefore, strong unions are likely to induce higher investment, rather than impede it, and, in this respect, wage premium constitutes a form of a 'good rent'.”
    Quote in the paperSubstantial claim

  • Classified as probably not a substantial claim. May combine two claims.

    Premisecitation

    Marx argued that during the course of capitalist development the demand for land will rise, leading to real estate price inflation and excess land rent extraction.

    “The Marxian analysis suggests that during the course of capitalist development the demand for land will rise, leading to real estate price inflation and excess land rent extraction.”
    Quote in the paperSubstantial claim0 of 1 sources checked
    • cites Marx, 1894 [1991]

      Couldn’t be matched to a paper in Crossref, so it can’t be checked.

  • May combine two claims.

    Premisecitation

    Kalecki did not share Keynes's optimism about the decline of the rentier, arguing that the linkage between vested interests and macroeconomic performance is a fundamental aspect of capitalism.

    “Contemporaries of Keynes, like Kalecki (1943) did not share his optimism about the decline of the rentier, arguing that the linkage between vested interests and macroeconomic performance is a fundamental aspect of capitalism.”
    Quote in the paperNot a substantial claim0 of 1 sources checked
    • cites Kalecki, 1943 source

  • Probably not a substantial claim: may not pass S4 (based).

    Interpretationnone given

    In most cases, this institutional investor finance has served to further inflate existing land values rather than support productive activity.

    “Again, in most cases, this has just served to further inflate existing land values rather than support any form of productive activity.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S3 (load-bearing), S4 (based).

    Premisenone given

    Schumpeter did not see such rents as 'imperfections' but rather as inherent and necessary elements of a healthy capitalist system.

    “However, there is a major difference: Schumpeter did not see such as rents as 'imperfections' but rather as inherent and necessary elements of a healthy capitalist system.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S3 (load-bearing), S4 (based).

    Premisenone given

    Some forms of financial income can be viewed as economically beneficial, such as interest income on loans that support non-financial start-ups or existing businesses that intend to invest in innovation.

    “For example, some forms of financial income can be viewed as economically beneficial, such as interest income on loans that support non-financial start-ups or existing businesses that intend to invest in innovation.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S2 (checkable), S3 (load-bearing), S4 (based).

    Premisenone given

    Economic rent was simply the discrepancy between the total return of a factor of production and its equilibrium supply price under perfect competition.

    “Economic rent was simply the discrepancy between the total return of a factor of production and its equilibrium supply price under perfect competition.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S4 (based).

    Premisenone given

    The classicals' strong focus on land rents meant there was little thought given to the idea of 'good rents' supporting innovation and economic and technological development.

    “Most obviously, the strong focus on land rents meant there was little thought given to the idea of 'good rents' supporting innovation and economic and technological development.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S2 (checkable), S4 (based).

    Interpretationnone given

    Neoclassical theory is unable to capture the fact that certain types of returns-for example, capital gains-accrue to actors due simply to positional advantage and power rather than effort and wider contribution to society.

    “Fundamentally, neoclassical theory is unable to capture the fact that certain types of returns-for example, capital gains-accrue to actors due simply to positional advantage and power rather than effort and wider contribution to society.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S3 (load-bearing), S4 (based). May combine two claims.

    Interpretationnone given

    These financial innovations were made possible by financial deregulation in the 1980s and 1990s, driven by the desire to secure higher levels of homeownership as well as financial sector lobbying.

    “These innovations were made possible by financial deregulation in the 1980s and 1990s, driven by the desire to secure higher levels of homeownership as well as financial sector lobbying.”
    Quote in the paperNot a substantial claim

  • May combine two claims.

    Interpretationnone given

    The secular fall in interest rates has supported the process of rising land values, reducing the household's debt-servicing ratio even as incomes have stagnated.

    “The secular fall in interest rates has also supported this process, reducing the household's debt-servicing ratio even as incomes have stagnated.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S2 (checkable), S4 (based).

    Interpretationreasoning

    This specific type of rentier activity sui generis might extract rather than create value.

    “This specific type of rentier activity sui generis might extract rather than create value.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S3 (load-bearing).

    Premisenone given

    Marginal productivity theory argued that in the long run at least, there were no fundamental differences between the returns to different factors of production; each factor would earn its marginal product.

    “The theory of marginal productivity emerged from this perspective and argued that in the long run at least, there were no fundamental differences between the returns to different factors of production.Each factor-whether labour, land or capital-would earn its marginal product.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S3 (load-bearing).

    Premisecitation

    Theorists of imperialism argue that even when international trade is close to the 'ideal' model of perfect competition, the exercise of monopoly and state power by core economies allows them to extract value and resources from the less developed ones.

    “theorists of imperialism has argued that even when international trade is close to the 'ideal' model of perfect competition, the exercise of monopoly and state power by core economies allows them to extract value and resources from the less developed ones”
    Quote in the paperNot a substantial claim0 of 2 sources checked
    • cites Emmanuel, 1972
    • cites Amin, 1976

      Couldn’t be matched to a paper in Crossref, so it can’t be checked.

  • Probably not a substantial claim: may not pass S3 (load-bearing). May combine two claims.

    Premisecitation

    Marx argued that this situation is integral to the capitalist mode of production, hence it is not possible to regulate the system effectively, including via taxation; instead the viable solution is the socialisation of economic rents via the nationalisation of all assets.

    “Marx (1894Marx ( [1991]], Ch. 37) argued that this situation is integral to the capitalist mode of production, hence, it is not possible to regulate the system effectively, including via taxation as proposed by the British classicals Smith, Ricardo and Mill.Instead, the more viable solution, in the long run, is the socialisation of economic rents via the nationalisation of all assets.”
    Quote in the paperNot a substantial claim0 of 1 sources checked
    • cites Marx, 1894 [1991], Ch. 37

      Couldn’t be matched to a paper in Crossref, so it can’t be checked.

  • May combine two claims.

    Interpretationcitation

    As property and land prices increase, households and firms need to borrow more to afford them, increasing the demand for mortgage credit further and creating a positive feedback cycle.

    “As property and land prices increase, households and firms need to borrow more to afford them, increasing the demand for mortgage credit further and creating a positive feedback cycle (Ryan-Collins, 2018).”
    Quote in the paperSubstantial claim0 of 1 sources checked
    • cites Ryan-Collins, 2018

  • Probably not a substantial claim: may not pass S2 (checkable), S4 (based).

    Interpretationnone given

    These assets could be provided at the same quality at a lower cost to society.

    “These assets could be provided at the same quality at a lower cost to society.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S4 (based).

    Premisenone given

    There are few attempts to distinguish between these two types of patent in innovation research.

    “yet there are few attempts to distinguish between these two types of patent in innovation research.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S3 (load-bearing), S4 (based). May combine two claims.

    Premisenone given

    A key concern for the classicals was that if too much of the economic surplus was eaten up in the form of rent, insufficient profits would be left over to capitalists for investment and the payment of adequate wages, leading to a self-fulfilling cycle of economic stagnation and rising inequality.

    “A key concern for the classicals was that if too much of the economic surplus was eaten up in the form of rent, insufficient profits would be left over to capitalists for investment and the payment of adequate wages, leading to a self-fulfilling cycle of economic stagnation and rising inequality.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S3 (load-bearing), S4 (based).

    Premisenone given

    Patent origination is often used as a measure of innovation in a sector or national economy.

    “For example, patent origination is often used as a measure of innovation in a sector or national economy.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S3 (load-bearing). May combine two claims.

    Premisecitation

    Keynes claimed that appropriate monetary and credit policy can indeed lead to the 'euthanasia of the rentier' through lowering the interest rate, which ultimately will stabilise the economy towards a full employment growth trajectory.

    “Accordingly, Keynes claimed that appropriate monetary and credit policy can indeed lead to the 'euthanasia of the rentier' through lowering the interest rate, which ultimately will stabilise the economy towards a full employment growth trajectory.”
    Quote in the paperNot a substantial claim0 of 1 sources checked
    • cites Keynes, 1936

      Couldn’t be matched to a paper in Crossref, so it can’t be checked.

  • Probably not a substantial claim: may not pass S3 (load-bearing). May combine two claims.

    Premisecitation

    Rent extraction is just about deriving income from existing financial or other assets and does not correspond to any expansion of real production or investment.

    “rent extraction is just about deriving income from existing financial or other assets and does not correspond to any expansion of real production or investment”
    Quote in the paperNot a substantial claim0 of 1 sources checked
    • cites Baiman, 2014 source

  • May combine two claims.

    Interpretationreasoning

    Rents that arise from public investments are captured by other parties who either did not contribute at all to the rents they receive or who only became involved at a later stage when profits are more certain.

    “The rents that arise from these investments are captured by other parties who either did not contribute at all to the rents they receive (in the case of existing landowners) or who only became involved at a later stage when profits are more certain (as in the cased in many examples of successful technology innovations).”
    Quote in the paperSubstantial claim

  • Probably not a substantial claim: may not pass S4 (based). May combine two claims.

    Interpretationnone given

    The digital rent extraction model may lead to job losses and stagnating demand.

    “that may lead to job losses and stagnating demand.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S4 (based).

    Interpretationnone given

    Non-renewable resource rents extract value from both present and future generations.

    “reducing non-renewable resource rents which extract value from both present and future generations.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S4 (based).

    Premisereasoning

    Debt leveraging often needed for aggressive mergers and acquisitions is effectively cheaper than equity investment due to tax discounts on interest payments.

    “debt leveragingoften needed for aggressive mergers and acquisitions-is effectively cheaper than equity investment due to tax discounts on interest payments.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S4 (based).

    Interpretationreasoning

    The elevated cost structure represses demand in the household sector with knock-on effects on consumption.

    “It also represses demand in the household sector with knock-on effects on consumption”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S4 (based).

    Interpretationreasoning

    The cost structure of the economy is elevated to an artificially high level.

    “The consequence is that the cost structure of the economy is elevated to an artificially high level.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S2 (checkable).

    Interpretationreasoning

    Rents generated from the production of renewable energy might be seen as highly desirable, in particular in the short term, as a means of supporting the rapid decarbonisation of the economy and investment in green energy innovation.

    “Yet, rents generated from the production of renewable energy might be seen as highly desirable, in particular in the short term, as a means of supporting the rapid decarbonisation of the economy and investment in green energy innovation.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S3 (load-bearing), S4 (based).

    Interpretationreasoning

    Many US firms have lapsed into rentierism, as suggested by the growth of share buybacks and other investments aimed at inflating financial asset prices.

    “The growth of share buybacks and other investments aimed at inflating financial asset prices suggest many US firms have lapsed into rentierism.”
    Quote in the paperNot a substantial claim

  • May combine two claims.

    Interpretationreasoning

    As well as reducing the finance available for investment, this process can feed into downward pressure on wages.

    “As well as reducing the finance available for investment, this process can feed into downward pressure on wages.”
    Quote in the paperSubstantial claim

  • May combine two claims.

    Interpretationreasoning

    From a macroeconomic perspective, this results in an additional decrease in consumption, thus, in effective demand, investment and innovation, inducing a steeper value extraction-driven slowdown in accumulation.

    “From a macroeconomic perspective, this results in an additional decrease in consumption, thus, in effective demand, investment and innovation, inducing a steeper value extraction-driven slowdown in accumulation.”
    Quote in the paperSubstantial claim

  • Probably not a substantial claim: may not pass S4 (based).

    Interpretationnone given

    An energy company that generates rentier profits from its control over oil extraction in a particular country can be seen to be extracting value from the natural wealth of that country or region in the present.

    “An energy company (whether state-owned or private) that generates rentier profits from its control over oil extraction in a particular country can be seen to be extracting value not just from the natural wealth of that country or region in the present (assuming it does not equitably redistribute them).”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S3 (load-bearing), S4 (based).

    Interpretationreasoning

    Where borrowing occurs, there is a parallel with mortgage debt asset price inflation.

    “Where borrowing occurs, there is a parallel with mortgage debt asset price inflation.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S3 (load-bearing).

    Interpretationreasoning

    The patent box policy is a monopoly reward that seeks to defend the appropriability gain of the innovator from potential competitors.

    “which is itself a monopoly reward that seeks to defend the appropriability gain of the innovator from potential competitors.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S3 (load-bearing), S4 (based). May combine two claims.

    Interpretationnone given

    Consumers taking an Uber taxi ride or ordering a good on Amazon are supporting and benefiting from a digital rent extraction model.

    “By taking an Uber taxi ride or ordering a good on Amazon, we, as consumers, are supporting and benefiting from a digital rent extraction model”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S4 (based). May combine two claims.

    Premisenone given

    Platform economy firms harvest information electronically at negligible costs and enjoy network externalities.

    “information that is harvested electronically-at negligible costs-by platform economy firms that enjoy network externalities.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S4 (based). May combine two claims.

    Interpretationnone given

    Regulation policy has become strongly influenced by neoclassical theory and become centred upon issues of competition defined narrowly around consumer choice and a limited understanding of pricing structure and pricing efficiency.

    “Regulation policy has become strongly influenced by neoclassical theory and become centred upon issues of competition with this defined narrowly around consumer 'choice' (and subjective value) and a limited understanding of pricing structure and pricing efficiency.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S4 (based). May combine two claims.

    Interpretationnone given

    Regulators and governments have turned a blind eye to rentier profits from unsustainable activity in the resource sector and highly intrusive and monopolistic business models in the tech sector.

    “Regulators and governments have turned a blind eye to rentier profits from unsustainable activity in the resource sector and highly intrusive and monopolistic business models in the tech sector.”
    Quote in the paperNot a substantial claim

  • May combine two claims.

    Interpretationreasoning

    The dynamics of rentierism likely make policy reform challenging as the identification of interests across socio-economic groups becomes more complex, and diverse coalitions between middle-income households and elite rentiers form.

    “The dynamics likely make policy reform challenging as the identification of interests across socio-economic groups becomes more complex, and diverse coalitions between middle-income households and elite rentiers form.”
    Quote in the paperNot a substantial claim

  • Classified as probably not a substantial claim.

    Interpretationnone given

    An understanding of the positive role the public sector can play in reducing or socialising rents is notably absent.

    “Notably absent is an understanding of the positive role the public sector can play in reducing or socialising rents”
    Quote in the paperSubstantial claim

  • Probably not a substantial claim: may not pass S2 (checkable), S3 (load-bearing), S4 (based). May combine two claims.

    Interpretationnone given

    Resource rents can be used effectively to support growth and innovation but more frequently have been abused to the neglect of domestic populations.

    “Resource rents can be used effectively to support growth and innovation but more frequently have been abused to the neglect of domestic populations.”
    Quote in the paperNot a substantial claim

  • May combine two claims.

    Interpretationreasoning

    Aggressive mergers and acquisitions or private equity takeovers often involve 'asset stripping' activities that enhance short-term efficiency but involve job losses and wage cuts-as well as increases in debt-that ultimately reduce the long-term viability of the firm.

    “Similarly, aggressive mergers and acquisitions (again often funded by debt leveraging) or private equity takeovers often involve 'asset stripping' activities that enhance the short-term efficiency of the firm but involve job losses and wage cuts-as well as increases in debt-that ultimately reduce the long-term viability of the firm.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S3 (load-bearing), S4 (based).

    Premisenone given

    Personal data used by digital firms to generate income is not subject to market exchange.

    “so much of the raw material (personal data) these firms use to generate income is not subject to market exchange.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S2 (checkable), S3 (load-bearing), S4 (based).

    Interpretationnone given

    Rents are, to some extent, an inevitable feature of capitalist economies.

    “Whilst we have emphasised that rents are, to some extent, an inevitable feature of capitalist economies”
    Quote in the paperNot a substantial claim

  • May combine two claims.

    Interpretationreasoning

    The elevated cost structure undermines productive investment and innovation and the creation of Schumpeterian innovation rents.

    “This undermines productive investment and innovation and, paradoxically, the creation of the Schumpeterian innovation rents which are so important to economic growth.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S3 (load-bearing), S4 (based).

    Interpretationnone given

    Firms increasingly compete based on their short-term share price rather than innovation.

    “whilst firms increasingly compete based on their short-term share price rather than innovation.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S4 (based). May combine two claims.

    Interpretationnone given

    This shift has become possible through legal reforms which promoted the liberalisation of finance and allowed restructuring within the corporate governance system of non-financial firms.

    “This has become possible through legal reforms which promoted the liberalisation of finance and allowed restructuring within the corporate governance system of non-financial firms.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S4 (based). May combine two claims.

    Interpretationnone given

    New forms of economic rent are emerging that threaten physical existence (non-renewable resource rents) and privacy and industrial capitalism more generally (digital rents).

    “New forms of economic rent are also emerging that threaten our physical existence (non-renewable resource rents) and our privacy and industrial capitalism more generally (digital rents).”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S3 (load-bearing).

    Interpretationnone given

    Shareholder dividends can be increased through share buybacks, funded from either profits or bank borrowing or the issuance of corporate bonds.

    “As noted, these can be increased through share buybacks, funded from either profits or bank borrowing or the issuance of corporate bonds.”
    Quote in the paperNot a substantial claim

  • Probably not a substantial claim: may not pass S3 (load-bearing), S4 (based).

    Interpretationnone given

    New kinds of rentier business models in the digital sector are becoming increasingly significant at both national and international levels.

    “new kinds of rentier business models are becoming increasingly significant at both national and international levels.”
    Quote in the paperNot a substantial claim

  • May combine two claims.

    Interpretationreasoning

    Low interest rates have increased the ability of households to take on more debt and thus increased total debt-to-income ratios, principal repayments and property prices, so the overall effects on demand are likely to still have been negative.

    “However, low rates have increased the ability of households to take on more debt and thus increased total debt-to-income ratios, principal repayments and property prices so the overall effects on demand are likely to still have been negative.”
    Quote in the paperNot a substantial claim
85 of 85

  • The paper relies on this without support.

    The good versus bad rent distinction is meaningful and can be operationalized for modern economic rents.

    “The extent to which rents may be defined as 'good'-transient rents that are key to innovation and growth-rather than 'bad'-permanent rents that contribute to inequality and economic stagnation-has not been subject to empirical or theoretical analysis.”

  • The paper relies on this without support.

    The state can effectively socialise bad economic rents and stimulate good rents via public investment in innovation and R&D.

    “We emphasise in particular the neglected role of the state in socialising 'bad' economic rents (e.g. through taxation, public ownership) and stimulating good rents via public investment in innovation and R&D.”

  • The paper relies on this without support.

    The dominant neoclassical approach's influence on policy thinking is a main reason little policy change is occurring.

    “One explanation lies with the dominant, neoclassical approach to economic rents which strongly influences policy thinking”

  • The paper relies on this without support.

    Taxes on land and property values have been reduced relative to other types of financial assets and other forms of tenure.

    “Taxes on land and (increasing) property values have been reduced relative to other types of financial assets and other forms of tenure”

  • The paper relies on this without support.

    Some successful advanced economies—Germany, South Korea and Singapore—have seen house- and land price-to-income ratios remain flat or even fall since the 1980s.

    “Some successful advanced economies-Germany, South Korea and Singapore-have seen house-and land price-to-income ratios remain flat or even fall since the 1980s.”

  • The paper relies on this without support.

    Germany has much lower levels of private homeownership (around 60%) than the advanced economy average and greater tenure neutrality with much stronger rights for renters.

    “Germany has much lower levels of private homeownership (around 60%) than the advanced economy average and greater tenure neutrality with much stronger rights for renters.”

  • The paper relies on this without support.

    Norway has captured resource rents via sovereign wealth funds that support high levels of public welfare and play a market-shaping role in supporting sustainable investment in productive activity.

    “Certain countries, such as Norway, have captured resource rents via the development of sovereign wealth funds that support high levels of public welfare and play a market-shaping role in supporting sustainable investment in productive activity.”

  • The paper relies on this without support.

    Google has established a global monopoly on information distribution through the popularity of its search engine and has become a digital advertising monopolist.

    “Another interesting example of digital rentierism is Google, which has established a global monopoly on information distribution through the popularity of its search engine and, at the same time, become a digital advertising monopolist.”

  • The paper relies on this without support.

    Digital tech companies appear to offer subsidised or free services to users.

    “Digital tech companies appear to offer subsidised or free services to users.”

  • The paper relies on this without support.

    The fees digital platforms charge to advertisers are included in GDP figures—but the information freely provided by users is not.

    “The fees they charge to advertisers are included in GDP figures-but the information freely provided by users is not.”

  • The paper relies on this without support.

    Companies are not anymore owned by a single person or small group of industrial capitalists, but by a more diffuse group of shareholders with interests not necessarily aligned with those of the firm's direct management.

    “Companies are not anymore owned by a single person or small group of industrial capitalists, but by a more diffuse group of shareholders with interests not necessarily aligned with those of the firm's direct management.”

  • The paper relies on this without support.

    Non-renewable natural resources can be—and indeed are being—exhausted.

    “Unlike land as locational space, which can be reused for different purposes through time, non-renewable natural resources, can be-and indeed are being-exhausted.”

  • The paper relies on this without support.

    The sectors reviewed in the survey are representative enough to support conclusions about contemporary capitalism.

    “This survey, whilst limited in scope and depth, demonstrates how the last few decades have been accompanied by a rapid increase in bad rents.”

  • The paper relies on this without support.

    Economic rents can be normatively classified as good or bad.

    “with a focus on 'good' vs. 'bad' rents.”

  • The authors state this as an assumption.

    Economic rent is correctly defined as income derived from ownership of a scarce asset or control over an activity needed for economic production beyond the cost of maintaining that asset.

    “We have defined economic rent following the classicals as income derived due to the ownership of a scarce asset or control over an activity needed for economic production beyond the cost of maintaining the operation or maintenance of that asset.”
15 of 15

Self-check

Percentages, sums and reported differences re-computed from the paper’s own numbers.

  • Amazon example's customer total does not match the stated sales

    Minor

    Selling 100 books at an average price of £10 would yield £1,000 in customer payments, not £1,400. The stated producer revenue of £1,140 would also exceed that £1,000 total.

    Reported 1400 · recomputed 1000

1 of 1

Cites

Flagged first, then by citations

Research works printed but not linked: 14

  1. Amin, 1976, Unequal Development
  2. Blöchliger, 2015, Reforming the Tax on Immovable Property: Taking Care of the Unloved
  3. Hudson, 2015, Killing the Host
  4. Marshall, 1890, Principles of Economics
  5. Marx, 1894 [1991], Capital: Volume III
  6. Mazzucato, 2018, The Value of Everything
  7. Mishel, 2018, Uber and the labor market: Uber drivers’ compensation, wages, and the scale of Uber and the gig economy, Economic Policy Institute, 15
  8. Patten, 1902, The Theory of Prosperity
  9. Piketty, 2014, Capital in the 21st Century. Trans. Arthur Goldhammer
  10. Saint-Simon, 1819, Le Politique
  11. Srnicek, 2017, Platform Capitalism
  12. Stiglitz, 1996, Whither Socialism?
  13. Wessel, 1967, A note on economic rent, American Economic Review, 57, 1221
  14. Wolf, 2019, Why rigged capitalism is damaging liberal democracy, Financial Times

Cited by

Sorted by citations

Related

Authors
Mazzucato, M., Ryan-Collins, J., & Gouzoulis, G.
Affiliations
  • University College London (GB)
  • UCL Institute for Innovation and Public Purpose , London , UK
  • University of Bristol (GB)
Corresponding author
Mazzucato, Mariana
ORCID
Venue
Cambridge Journal of Economics
Publisher
Oxford University Press (OUP)
Published
2023-05-01
Volume
47
Issue
3
Pages
507-534
ISSN
  • 0309-166X (ISSN-L)
  • 1464-3545
DOI
10.1093/cje/bead013
OpenAlex
W4376273315
Semantic Scholar
019633a0e1207d5dc702c005b3ce7b0ecd44fba5
Cited by
54
References
96
Citations by year
2026: 11 · 2025: 14 · 2024: 18 · 2023: 10 · 2022: 1
FWCI
21.00
Type
journal article
Language
en
Open access
Licence
Locations
  • Cambridge Journal of Economics (publishedVersion, cc-by)
  • Bristol Research (University of Bristol) (publishedVersion, cc-by)
  • UCL Discovery (University College London) (submittedVersion, cc-by)
  • RePEc: Research Papers in Economics (submittedVersion)
  • Queen Mary Research Online (Queen Mary University of London) (submittedVersion, cc-by)
  • Explore Bristol Research (submittedVersion, cc-by)
Topics
  • Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Economic Theory and Policy
  • Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Economic Theory and Institutions
  • Social Sciences › Sociology and Political Science › Political Economy and Marxism
Keywords
economic rent, rent extraction, rent theory, classical economics, institutionalism, neoclassical economics, John Maynard Keynes, innovation and economic growth, economic stagnation, income inequality, wealth inequality, rent policy

About these checks

Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.

Claims read by deepseek-v4.1-flash under definition version 3 (extract-v3) on 2026-10-29.

Classified by jev-1.13-20260917 (gold-guideline-v0.2) on 2026-10-29.

Cited sources are checked by gpt-6-sol.

Statistics and arithmetic are recomputed, not judged.

Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.

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