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The History of Rent

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Land has been necessary for human survival since early civilization. Man has used rent in order to produce vital items for survival. Land has served as the backbone for producing clothing, food, and a place of living. We may take advantage of these commodities that wouldn’t have been possible if it wasn’t for land. Land holds great contribution to humankind and has played a great part in many generations before us. The hunter-gatherer role is a simple example of how man has used land as a tool for his own growth. Rent was created out of the need for land. Rent has been around before any economic theory was used to theorize it. The Latin word rendita was used to refer to a return (Keiper, 1961, p.3). The first theory of rent was seen in the late seventeenth century. The mercantilist economists created some central theories to theorize rent even though it wasn’t one of their more important worries. The history of the theory of rent can start with the mercantilists. Sir William Petty, one of the first major contributors to the mercantilists’ theory of rent, can accredit a lot of his work to the influences of Thomas Hobbes. His first major contribution in 1662, A Treatise on Taxes and Contributions, refers to rent as a net return on land used for livestock and agriculture. He explains: Suppose a man could with his own hands plant a certain scope of land with corn, that is, could dig, or plough, harrow, weed, reap, carry home, thresh, and winnow so much as the husbandry of this

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