Question : Who defined "Rent" as that portion or produce of the earth which is paid to the landlord for the use of original and indestructible power of the soil?
Option 1: Ricardo
Option 2: Marshall
Option 3: Keynes
Option 4: Pigou
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Correct Answer: Ricardo
Solution : The correct answer is Ricardo .
" Rent" was described by David Ricardo as "that t portion or produce of the earth which is paid to the landlord for the use of original and indestructible power of the soil." He is regarded as one of the fathers of classical economics. One of Ricardo's crucial achievements is his theory of rent. He separated economic rent from other types of remuneration, such as salaries and profits.
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