Tempus Edax Rerum: The Law of Economic Rent and The Gravitational Pull of Zero

One of the guys I follow around the fringes of economic discourse is Phillip J Anderson. During a recent presentation he promised “once I tell you this and once you understand it, you’ll see it everywhere and you won’t be able to unsee it.” (I’m paraphrasing) Phil was talking about the Law of Economic Rent, and he delivered on his promise… The Death (and Burial) of Economic Rent in Academia The Law of Economic Rent — once the centrepiece of classical political economy…