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Transfer deed. A legal document by which ownership of securities is transferred from the seller to the buyer. In Britain it is no longer necessary for both parties to sign such a document when disposing of a share. The seller gives his authority to the issuer of the security to remove his name from the records while the buyer’s broker simply informs the issuer of the purchaser’s name.

Transfer earnings. The earnings of a factor of production which are just sufficient to keep it in its present employment. Any excess of actual earnings over transfer earnings is known as economic rent. Not to be confused with transfer payments.

Transfer payments. Payments which are not made in return for some productive service, e.g. payments made by the state to needy individuals which, in effect, transfer income from wealthier sectors of the population to the poorer. Examples are old-age pensions, unemployment benefit and widows’ pensions. They are not a payment in return for productive services, but rather represent an income redistribution. Likewise, taxation is a transfer payment to the government. Whenever it is desired to measure income generated by some kind of investment, or by the economy as a whole, transfer payments must be excluded, since they do not arise from the production of new goods and services. The treatment of transfer payments is of importance in several areas of economics, particularly in cost-benefit

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