...employed in the production of the last portion obtained, and not because a rent is paid to the landlord. The value of corn is regulated by the quantity of...land, or with that portion of capital, which pays no rent.4 The frequent repetition of the term 'labour' creates the impression i Prinriples, pp. 4o-41....

...determine the position of the extensive margin. Ricardo also argued that the value of corn will be regulated by the quantity of labour bestowed on its production on that quality of land which, at the margin, pays no rent. It follows, given the assumptions made, that as the extensive margin...

...employed in the production of the last portion obtained, and not because a rent is paid to the landlord. The value of corn is regulated by the quantity of...is paid, but a rent is paid because corn is high. The Principles of Political Economy and Taxation (1817) 1963:33-34. 5 Labour, like all other things...

...wages, profit, and rent' (Smith, WN, I. vii. 33). As Ricardo stressed in the Principles, the price of 'corn is not high because a rent is paid, but a rent is paid because corn is high' ( Works, I, p. 74). If the high price of corn were the effect, and not the cause of rent, price would...

...law of diminishing returns. From his theory of rent he draws certa1n conclusions. The first is that " corn is not high because a rent is paid, but a rent is paid because corn is high ; and it has been justly observed that no reduction would take place in the price of com, although...

...reasoning behind the idea that rent is price determined, not price determining. As Ricardo put it, "Corn is not high because a rent is paid, but a rent is paid because com is high."8 Thus rent is not a direct cost of production to the farmer that enters into the determination...

...employed in the production of the last portion obtained, and not because a rent is paid to the landlord, The value of corn is regulated by the quantity of...is paid, but a rent is paid because corn is high: and it has been justly observed by Mr Malthus, that no reduction would take place in the price of corn,...

...additional labour in the production of a new portion of produce, and the rent is raised at the same time. The value of corn is regulated by the quantity of...with that portion of capital, which pays no rent. — Ricardo. p. 62. The value of corn is not regulated by this; but does itself regulate the quality...

...employed in the production of the last portion obtained, and not because a rent is paid to the landlord. The value of corn is regulated by the quantity of...is paid, but a rent is paid because corn is high; and it has been justly observed that no reduction would take place in the price of corn, although landlords...

...production of the last portion obtained, and not because a rent is paid to the landlord. The value of com is regulated by the quantity of labour bestowed on...is paid, but a rent is paid because corn is high; and it has been justly observed that no reduction would take place in the price of corn although landlords...