överdisk

Överdisk is a term used in economics to describe profit that exceeds the normal return on invested capital. In traditional theory, it denotes rents earned beyond what is required to keep capital and entrepreneurial effort in its current use, given the risks involved. The concept is often used to distinguish profits that arise from market power, favorable conditions, or regulatory arrangements from those earned as a fair reward for risk and investment.

Measurement of överdisk relies on a benchmark for normal profit. This can be defined as the minimum return capital owners require, such as the cost of capital times capital employed, or as average profits in a competitive reference sector. The choice of benchmark is central and can affect conclusions about how large an överdisk is in a given firm or industry. In regulated industries, regulators may implicitly or explicitly set the normal return, which frames assessments of excess earnings.

Causes of överdisk include market power that allows prices to exceed marginal costs, natural resource rents, temporary demand surges, policy protections, and barriers to entry that limit competition. Public policy discussions often link överdisk to windfall taxes or regulatory reform, especially when profits appear unusually high relative to comparable industries or historical norms.

Critics note that measuring överdisk is challenging and sensitive to methodological choices. Mislabeling legitimate profits as överdisk can deter investment or innovation, while failing to recognize true rents may overlook welfare implications. Related concepts include economic rent and supernormal profit.