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Considerations Regarding Remuneration of the Factor of Production “Ore” - The Mining Rent System in Romania

Author

Listed:
  • Sorin-Iuliu Mangu

    (University of Petrosani, Romania)

  • Petru Hodor

    (University of Petrosani, Romania)

  • Gabriel Gheorghe Dolea

    (University of Petrosani, Romania)

  • Carmen Daniela Mangu

    (S.C. PETROEVAL S.R.L., Romania)

Abstract

The setting mechanism of the remuneration proper to the factors of production is not different from the merchandise price determination, in this case the type of the market pattern being. When the price of the production factors is determined it must be considered both the type of the market where the goods are sold (as output of the manufacture process) and the type of the market where the production factors are provided (engaged). Among the incomes determined by using the production factors mix, the rent represents a very important one. Due to its long term existence, the revenue of rent is one of the economical notion, which has the largest application and the most different signification. For a long time, the rent was attached to the use of the natural resources, especially to those of the earth. Nowadays the application area of this notion has been extended over some other factors of production. In Romania, on the ground of the mining branch development, there were not too many reason of the economic efficiency and the theoretical developments with reference to the costs generated by using the factors of production were ignored. The correct substantiation of the decisions with reference to the application of the national mineral potential can’t ignore the costs generated by the remuneration of the production factor in the mining revenue system.

Suggested Citation

  • Sorin-Iuliu Mangu & Petru Hodor & Gabriel Gheorghe Dolea & Carmen Daniela Mangu, 2011. "Considerations Regarding Remuneration of the Factor of Production “Ore” - The Mining Rent System in Romania," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 11(2), pages 177-184.
    • Handle: RePEc:pet:annals:v:11:y:2011:i:2:p:177-184
    as

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    References listed on IDEAS

    as
    1. Harold Hotelling, 1931. "The Economics of Exhaustible Resources," Journal of Political Economy, University of Chicago Press, vol. 39, pages 137-137.
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    More about this item

    Keywords

    factor of production; mining industry; deposit of useful minerals; mining rent; economical rent; differential rent; absolute rent; monopoly rent; exhaustibility rent;
    All these keywords.

    JEL classification:

    • D33 - Microeconomics - - Distribution - - - Factor Income Distribution

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