Rent. Joe Collins

Rent - Joe Collins


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decide on what basis to make separations, or comparisons, between them. One way is to split the contending views on rent along the axis of what rent theory is really all about – land or monopoly?

      There are two broad orientations when it comes to theories of rent. One suggests that rent is essentially about monopoly. To put it another way, a concept of rent is helpful insofar as it tells us something about how markets function, or perhaps how a dysfunctional market might operate. This view accepts that all things are scarce when considered relative to their demand. It is therefore how this scarcity is mediated by the different claims people have over property that determines the flows and levels of rents. As with the example of housing above, rent explained from this perspective could be understood as the income received by the owners of scarce goods. The one in three people in the OECD, for example, who rent housing do so, it could be argued, because housing stock is too expensive for them to buy. The price of this housing stock could be explained by demand exceeding supply and therefore the scarcity of housing stock is what pushes prices of houses up and compels people to rent.

      This chapter has offered preliminaries on the meaning of rent, its ongoing significance in social science and how we might make sense of the term today. Its key points relate to the contested meaning of rent in recent history and what this ambiguity might mean for current studies of capitalism with its rentier inflection. The most familiar form of rent, that paid for housing, was examined briefly to demonstrate that what appears to be a fairly simple matter of payment for the temporary use of a basic need is much more interesting and complicated. The next chapter deals with the history of economic thought as it relates to rent theory.

      1  1 Klein (1966): 1327.

      2  2 Sedgwick (2009): 58.

      3  3 Marshall and Marshall (1881): 144.

      4  4 OECD, ‘Housing Market Indicators’, accessed 15 April 2021. http://www.oecd.org/housing/data/affordable-housing-database/housing-market.htm

      5  5 OECD, ‘Housing Tenures’, accessed 15 April 2021. https://www.oecd.org/els/family/HM1-3-Housing-tenures.pdf

      6  6 OECD, ‘Population’, accessed 15 April 2021. https://data.oecd.org/pop/population.htm

      7  7 Bogdan (2018).

      8  8 Bogdan (2018).

      9  9 Martin, Hulse and Pawson (2018).

      10 10 Shelter Scotland (2018).

      11 11 Jones (2018).

      12 12 Bancroft and Wace (2019).

      13 13 O’Connell (2020).

      14 14 Milne (2020).

      15 15 Aviles (2020).

      16 16 Ibid.

      17 17 Singletary (2020).

      18 18 Williams (2020).

      19 19 Parker and Friedman (2020).

      20 20 Gabbatt (2020).

      21 21 Arena Housing Project, ‘Rent Strikes and Housing Activism in Europe during the Coronavirus Crisis’, accessed 15 April 2021. https://maphub.net/JournalismArena/rent-strikes-and-housing-activism-in-europe-during-coronavirus

      22 22 Ponsford (2020).

      23 23 Ponsford (2020).

      24 24 Wall (2020).

      25 25 Ibid.

      26 26 Christophers (2015).

      27 27 Dunn (2017).

      28 28 Christophers (2020): 5.

      29 29 Ibid.: xvii–xviii.

      30 30 Ibid.: xvi.

      31 31 The articles listed here dealing with the Covid-19 pandemic, climate change, inequality and economic crisis respectively, in relation to rent, are cases in point: https://www.theguardian.com/commentisfree/2020/aug/12/ppe-britain-rentier-capitalism-assets-uk-economy; https://foreignpolicy.com/2021/04/06/death-neoliberalism-larry-summers-biden-pandemic/; https://www.forbes.com/sites/rhockett/2021/04/04/the-specter-of-the-specter-of-inflation/?sh=262fbfd915a0; https://www.afr.com/policy/economy/tricks-to-kick-debt-habit-20210325-p57e4b

      32 32 Marx (1981 [1894]): 103.

      33 33 Fine (1983): 133.

      34 34 Ibid.

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