RENT 
.or & 
207 . V 
, „ N ' 
port from the plotr of land to the marjtejv. 
In another case it may represent the value of 
the time saved by the occupant of the site 
through his being in a favourable positloh 
with respect to the people with whom he is 
doing business. In another case it may be 
connected with water supply or harbourage ; 
and in yet other cases it may represent the 
pleasantness of an environment, whether in 
climate, scenery or social amenities. It would 
be impossible to measure by an objective 
standard the quantity of intangible differential 
advantage, but in its actual measurement for 
practical purposes no difficulty is met with 
since the value of the differential advantage 
is automatically registered in the demands of 
consumers which express the degree of their 
preferences for different plots of land in view 
of the mixed advantages associated with 
each. Everybody is able to say how much 
he prefers one thing to another, though he 
may find it impossible to state why he prefers 
one thing to another. 
In the foregoing discussion the broad 
aspects of the theory of rent in its applica 
tion to land are tentatively blocked in ; it 
now remains to shew where the theory, as so 
far set forth, is imperfect, and how it must be