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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204 POLITICAL ECONOMY when rents were created for land of quality D, the rents of fields of higher quality would advance, and the amounts by which they advanced would exactly equal the amount of the rent which had to be paid for D, on the assumption that the quantity of wheat obtain able from each kind of land is constant. In the paragraph above I have spoken of any annual payment for land of quality D as a rent, but it is only correct to call it so if rent embraces every payment for land, how- every determined, which is not a recompense for any capital invested in it. Should we elect to confine the conception of rent to payments for the differential advantages possessed by the super-marginal things of a class, then the payment made for land of quality D is not a rent, because it is not a payment for such differential advantages. It is, on the contrary, a payment which expresses the marginal worth#of land. Now land can only have a marginal worth when it is limited in quantity so that nobody can get as much of it as he likes. When the amount of land is unlimited with reference to the population, it is naturally used until its marginal worth becomes zero, just as air is, and water when the water can be obtained direct from nature and is not

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