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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RENT 217 costs per unit raised, get the same price per unit for their produce in the market, and this is the price which it is necessary to pay to cause the production of the wheat raised at the margin. Rents, instead of settling price, are caused, as we have seen, by the fact that when all farmers get the same price, some of them (or all of them under condi tions which give rise to scarcity rent) would be left, in the absence of rent, with a handsome surplus over normal profits, and that com petition for their farms compels them to surrender it to the landlord. High rents do not make high prices any more than the height of the barometer governs the state of the weather. On the contrary it is the high prices that make the high rents. In qualification of this statement it must be added that a rent charge comes into play in settlement of price when the marginal land for a given purpose can only be obtained by buying out somebody who requires it for another purpose. The marginal factory in the outskirts of a town has had to win its site from agriculture in all probability, and to do so it has had to pay for the land a charge equal at least to its rentable value for agriculture. This charge, in being incurred at the margin, is an unavoidable element in marginal cost,

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