By James Otto, Craig B. Andrews, Fred Cawood, Michael Doggett, Pietro Guj, Frank Stermole, John Stermole, John Tilton
This ebook incorporates a wealth of data and research in terms of mineral royalties. basic info contains royalty laws from over 40 countries. research is entire and addresses problems with significance to various stakeholders together with executive policymakers, tax directors, society, neighborhood groups and mining businesses. huge footnotes and citations offer a priceless source for researchers.
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Firms earn economic rent to the extent that they are more efficient than other firms . . Consider a market in which all firms except one have the same average cost curve, and the market price corresponds to the minimum average cost of these firms. The remaining firm is super-efficient, so its average costs are far below those of the other firms. The company would have been willing to produce at a lower price, at its minimum average cost. What it receives in excess of what is required to induce it to enter the market are rents—returns on the firm’s superior capabilities .
Ricardo focused on agricultural land, but economic rents are also found with forests, fisheries (cultivated and natural), vineyards, and hunting lands. As cities grow, landowners in the center realize economic rents as their property values soar. Indeed, public policy itself often creates economic rents. When a city builds a subway, apartments within easy walking distance of a station enjoy a rise in value. When land is rezoned, allowing homes to be built or the land to be used in a way previously prohibited, its value typically increases.
Although any one type of tax taken alone may have a small or large impact, the combined effect of a number of taxes can be appreciable. 3 identifies some of the objectives behind tax types and indicates their prevalence. All the tax types classified in the table as in rem are not based on a measure of profit, and if that taxable activity takes place, they are certain to be paid. Several such tax types, for example, land fees and unit-based royalties, provide a more or less stable base of annual revenue.