In competitive economies, i.e. in economies without "rents" because of monopolies, the value of a commodity is determined by the amount of embodied labour: direct labour and "dated" labour, indicating the difficulties of production plus interest for past labour.
Economic rent, a payment to a factor of production in excess of that which is needed to keep it employed in its current use
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The annual rent in the area around Sand Hill Road peaked at around $144 (USD) per square foot ($1550 per m2) in mid-2000; at the time, this was higher than rates in Manhattan and London's West End.