INNOVATIVE AND INTELLECTUAL RENT: ECONOMIC NATURE AND APPROACHES TO MEASUREMENT
UDC 338.314:001.895:001.891.34
Keywords: intellectual rent, innovation rent, human capital, physical capital, wages, profit, depreciation, golden section principle.
For citation: Gevrasyova A. P. Innovate and intellectual rent: economic nature and approaches to measurement. Proceedings of BSTU, issue 5, Economics and Management, 2023, no. 1 (268), pp. 41–47. DOI: https://doi.org/10.52065/2520-6877-2023-268-1-5.
Abstract
The article conducts a study of the economic nature and approaches to measuring innovation and intellectual rent. The source of their occurrence is human capital, which, on the basis of a new combination of production factors, determines the innovative development of the economy. By systematizing the research available in domestic and foreign practice, it has been established that intellectual rent refers to an individual who finds the application of his labor in various types of economic activity that determine differentiation in the level of his payment. In accordance with the concept of social and labor rent, an employee’s wage contains an intellectual rent as a value showing the excess of the marginal value of income that satisfies the basic needs of the employee and his family members. Innovative rent is considered as the sum of a part of profit and depreciation directed to the creation and implementation of innovations embodied in new or improved technologies, types of products, management decisions.
Based on the principle of the golden section, the developed approach to measuring intellectual and innovative rent was tested on the materials of the Gomel region. The results of the analysis determine the types of economic activity with a high level of intellectual and innovative rent, which are a consequence of the cost of labor and the financial capabilities of a business entity (region, country).
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