In economic theory, economic rent is a payment to a factor of production in excess of that which is needed to keep it employed in its current use.
For example, if someone is earning $20,000 for a job, and the next best job pays $15,000, then the economic rent is the difference between the two of $5,000.
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He was born in Tremeloo, Belgium, the son of a farmer. He entered the novitiate of the Fathers of the Sacred Heart of Jesus and Mary[?] at Louvain, and was ...