The surplus approach to rent

Theories of rent are wide-ranging. However, whether neoclassical, Marxist, or Proudhonist, they tend to neglect evolutionary institutionalist theorising. Increasingly dominated by the income approach, theories need be expanded, partly correct existing work, break persistent intellectual monopoly and oligopoly, particularly develop institutional rent. In this paper, I attempt do so presenting evaluating surplus approach rent, R.T. Ely’s, highlighting its power potential stressing critiques contradictions. Drawing, among others, on original writings Ely, it is argued that, while emphasis property rights, land as a ‘bundle sticks’, rather than help advance heterodox approaches severely limited in analysis inequalities how can addressed, especially extractivist rentier societies. To unravel long-term that characterise economies, crucial for theorists engage stratification economics which, turn, drive