The Laws of Wages, Profits, and Rent, Investigated |
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50 cents acre Adam Smith afford agriculture aliment amount of labour amount of raw animal food arable land average price bushels cause cheaper command commodities competition consequence consumption cost crease demand diminished dollars duce effect employed employment England equal exchangeable value expense of cultivation farm fertile land further give grain greater number hundred quarters husbandry improvements increase of numbers increase of population Indian corn inferior soils labouring class land yields landlord less lessen means of subsistence mode of subsistence natural price obtain ordinary partly political economy portion price of corn price of labour price of raw profits of capital progress of population proportion proprietor quarters raise rents raise the price rate of profit raw produce reason resort to inferior Ricardo rise of rents slaves stationary supply suppose taken into cultivation theory of rent tion tivation wages of labour wheat yields a rent
Popular passages
Page 106 - No. 1, these ten quarters would equally constitute rent ; for the cultivator of No. 2 would get the same result with his capital, whether he cultivated No. 1, paying ten quarters for rent, or continued to cultivate No. 2, paying no rent. In the same manner it might be shown that when No. 3 is brought into cultivation, the rent of No. 2 must be ten quarters, or the value of ten quarters, whilst the rent of No. 1 would rise to twenty quarters ; for the cultivator of No. 3 would have the same profits...
Page 105 - If all land had the same properties, if it were unlimited in quantity, and uniform in quality, no charge could be made for its use, unless where it possessed peculiar advantages of situation. It is only, then, because land is not unlimited in quantity and uniform in quality, and because in the progress of population, land of an inferior quality, or less advantageously situated, is called into cultivation, that rent is ever paid for the use of it.
Page 111 - Corn is not high because a rent is paid, but a rent is paid because corn is high...
Page 33 - With the progress of society the natural price of labour has always a tendency to rise, because one of the principal commodities by which its natural price is regulated has a tendency to become dearer, from the greater difficulty of producing it.
Page 39 - The natural price of labour is that price which is necessary to enable the labourers, one with another, to subsist and to perpetuate their race, without either increase or diminution.
Page 107 - IOOOL, it is because no employment more profitable can be found for it. The common rate of profit would be in that proportion, and if the original tenant refused, some other person would be found willing to give all which exce'eded that rate of profit to the owner of the land from which he derived if. In this case, as well as in the other, the capital last employed pays no rent. For the...
Page 125 - Rent is that portion of the produce of the earth, which is paid to the landlord for the use of the original and indestructible powers of the soil.
Page 105 - society, land of the second degree of fertility is ' taken into cultivation, rent immediately commences ' on that of the first quality, and the amount of that ' rent will depend on the difference in the quality of
Page 107 - In such case, capital will be preferably employed on the old land, and will equally create a rent; for rent is always the difference between the produce obtained by the employment of two equal quantities of capital and labour.
Page 65 - Supposing corn and manufactured goods always to sell at the same price, profits would be high or low in proportion as wages were low or high. But suppose corn to rise in price because more labour is necessary to produce it, that cause will not raise the price of manufactured goods in the production of which no additional quantity of labour is required. If then...