markitect-main/examples/infospace-with-history/output/entities/real-value-of-corn-rent.md

Real Value of Corn Rent

Definition

The actual purchasing power of a corn rent in terms of the labour or other commodities it can command, which Smith argues varies less over long periods than the nominal value of money rents.

Source Chapter

Book I, Chapter 5

Context

Smith uses this concept to demonstrate why corn rents preserve their value better than money rents, arguing that corn prices are more stable over long periods than the value of precious metals.

Economic Domain

Distribution

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