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In neoclassical economics, economic rent is any payment (in the context of a market transaction) to the owner of a factor of production or resource, supply of which is fixed.^[1] In classical economics, economic rent is any payment made (including imputed value) or benefit received for non-produced inputs such as location (land) and for assets formed by creating official privilege over natural opportunities (e.g., patents). In the moral economy of neoclassical economics, economic rent includes income gained by labor or state beneficiaries of other "contrived" (assuming the market is natural, and does not come about by state and social contrivance) exclusivity, such as labor guilds and unofficial corruption.

^ Alchian, Armen (2018). The New Palgrave Dictionary of Economics (3 ed.). Springer. doi:10.1057/978-1-349-95121-5_1738-2. ISBN 978-1-349-95189-5. Retrieved 7 May 2024.