Herbert Metford Thompson and the Generalization of the “Old Rent Concept”: A Note

Herbert Metford Thompson (1856–1939) played a notable role in the transformation of rent theory in the early neoclassical era. His critique of classical and Marshallian views on the subject was well-received by his contemporaries, especially in America, and his name is referenced positively in history of thought literature as an example of an original and independent thinker. However, almost nothing substantial has been written on Thompson, even on his views about distribution, which caught the attention of critics and allies alike. In this note we provide some background on Thompson and explain his approach to land and rent. We then discuss how his views were negatively received in England by Alfred Marshall and Francis Edgeworth, while being positively received by John B. Clark and others in the United States. We focus especially on Thompson’s likely influence on Clark.