Political economy

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Monograph

Identifikator:: 867647221

URN:: urn:nbn:de:zbw-retromon-93157

Document type:: Monograph

Author:: Chapman, Sydney John http://d-nb.info/gnd/123743141

Title:: Political economy

Place of publication:: London [u.a.]

Publisher:: Williams & Norgate [u.a.]

Year of publication:: 1912

Scope:: 1 Online-Ressource (255 Seiten)

Collection:: Economics Books

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202 POLITICAL ECONOMY A with its produce of 60 bushels will rise to 45, that is 60 minus 15, on the assumption that the whole of the lowest quality of land is not in use. The significance of this assumption will be brought out in due course. We may pause to underscore what is outstanding in this reasoning, namely, that it is the operation of the law of sub stitution, or indifference, among competing persons which brings about the payment of rent in the circumstances supposed. Pay ments are made for land because effective tendencies to substitute what is lying idle for what is used, and what is cheap for what is dear, are at work. These effective tenden cies at first create the rent, and then lever it up until it becomes such in amount that any further substitution is a matter of indifference. So we may affirm that the rent of land is the payment which equalises the earnings of cultivators of the same capacity, thus leaving them indisposed to substitute one piece of land for another. In order to complete our theory in its first rough-hewn form it is necessary to consider what would happen if the whole of the land were absorbed and the population still grew. Let a state of affairs be given in which all the land is in use, but the worst only just in use,

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