https://paulkrugman.substack.com/p/is-america-suffering-from-the-resource
Is America Suffering from the “Resource Curse”?
(..) The map at the top of this post showed oil rents — the value of oil output in excess of production cost. In economics jargon, as opposed to normal English, “rent” has a specific meaning: It is unearned income, income that accrues to some people or institutions without requiring that they make an effort or commit resources to production. Unlike wages or returns on investment, who gets rents is in a sense arbitrary, depending on who is assigned the property rights or, in some cases, who has the power to seize them. (..) [Destaque PJ]
