OF VALUE.

195

cost, which forms the limit to its value. But
although this is the limit beyond which its value
cannot rise, it cannot be said to be the cause of
its value. It is the cause of its being no
higher, not the cause of its being so high. A
perforation in the side of a vessel, at any dis-
tance from the bottom, would effectually pre-
vent its being filled to a greater height with
water, but it would be no cause of the water
attaining that height. At the utmost itcould be
considered as only a joint cause of the result.

We accordingly find that the expression used
by Mr. Ricardo on this subject is, not that the
value of corn is caused, but that it is regulated
by the cost of production on the least fertile
lands. The owners of land of superior fer-
tility enjoy a monopoly, which, however, does
not enable them to raise their commodity in
definitely, according to the varying wants and
caprices of mankind, but which is bounded
by the existence of inferior soils.

It is simply out of this monopoly-value that
rent arises. Rent proceeds, in fact, from the