2

CONTENTS

AGES
in improvements, difference of total and marginal productivity affords i
measure of rental value of site. Rent the price of opportunities for
profitable use of capital and labour. Capital in urban improvements
realised more slowly than in agricultural. The original and indestructible
 powers of the soil. Mining rents include a charge for
depreciation as well as true rent, Marginal expenses of production
increased by royalties. Relation of rent to price. Rent a consequence
of that need for resort to inferior soils or intensive culture which is
reflected in, and measured by, the value of produce. Its amount not
dependent on separation of owner and cultivator, Quasi-rents. Urban
rents and retail values. Influence of progress on rents. Cheaper
freights have lowered English agricultural rents. Supply of new land
in undeveloped countries does respond to demand. Rent and the
value of land. Metayage. Large and small farms. Tenant-farming
and occupying ownership. Production for use and production for
sale. . 97-11%

CHAPTER VIII

THE PROBLEM OF WAGES: LABOUR’S SHARE
IN DISTRIBUTION

AUTHORITIES
CLARK. . . * The Distribution of Wealth.”
WALKER . . ‘The Wages Question.”
Taussic . . “Wages and Capital.”
MarsHALL . ‘Principles of Economics,” Book VI. Chapters IL
TIL. IV. V.

What governs the worth of labour to the employer? The net product of
a labourer, Capital either regarded as unchanged or as adapted to the
quantity of labour associated with it. Labour regarded as composed
of interchangeable units, Net product varies with supply of labour.
If it decrease relatively as numbers employed increase, the worth of
each labourer is measured by the marginal net product, and, in
equilibrium, wages equal in value this product. If it increase
relatively as numbers employed increase, wages tend upwards, but
chere is no permanent equilibrium. Extension to case where labour
is not regarded as composed of interchangeable units. The supplyprice
 of labour, having in view the temporary situation and also in
reference to the training of skilled workers. The former case admits
the view of wages as a quasi-rent. What is needed for effective
industrial competition. Variation of labour-supply through the
movements of population, The standard of living. Maintenance of
a family included, if permanence of the class is contemplated. Influence
 on labour-supply of wages differing from the level set by