How you can also earn Economic Rent

     In the previous sections of this topic, Economic Rent: Reason why Musicians earn more money than Graduates and higher degree holders we discussed several means through which several professions earn Economic rent. We also talked about patents or patent right, Economic Rent: Reason why Musicians earn more money than Graduates and higher degree holders 2. Because of patent, there can be so many social networks, but none of them can have the same features. For instance Facebook uses ‘likes’ while Twitter
uses ‘Favorites’ and so because of the patent on these special features there can only be one Facebook, one twitter, one Instagram etc. therefore if anyone wants to advertise on any of the platforms, they have to pay any amount they are told to pay. So the owners of these social networks earn economic rent above their profits. Just imagine how much an iPhone costs but people still have to buy it because there is no other Apple company, I'm a fan of Apple though..lol. Now to the matter at hand…. Trade unions and Economic rent.
      Few days back, I was opportuned to be in the office of a chartered accountant, a member of the group called ICAN (Institute of Chartered Accountants of Nigeria). I watched him collect 50,000 Naira for the singular act of placing his ICAN seal on an account that has already been prepared by another accountant who is not a member of ICAN. The seal is like a stamp that shows that the account work was done by a chartered accountant, without this seal, account prepared for any company is regarded as invalid. This seal can only be issued to you when you have passed the necessary exams to be a member of ICAN. It has on it a particular number that identifies you as a chartered accountant. So, being a member of this Association, this chartered accountant for an account he did not even know how it was prepared.  The money earned here by the Chartered Accountant cannot be classified under "profit", it is purely Economic rent. (NB; ICAN is a TRADE UNION in Nigeria). Every year, we hear about NLC (Nigeria Labour Congress), NMA (Nigerian Medical Association), ASUU (Academic Staff Union of Universities), same reason why you find out that these trade unions keep asking for more money when most of them have not improved in the quality of services they render. Members of these associations can earn economic rent for work they did not do. The clearest example is in the case of lecturers who are members of ASUU. Some of them come to school for just once or twice a week, yet they are always agitating for pay increase.
Now you know why "skiboooroboo skibo" is earning more than a Graduate. If you wish to join earners in earning these Economic rent, then you have to;
(a)    Develop your talent
(b)    Get an innovative idea and patent it.
(c)    After graduation join a prominent professional body or trade union related to the course you studied in school.
(d)    Or simply save money and buy a land in a developed area and then can start earning Economic rent above normal profit.