RENT

.or  &
207  .  V
,  „  N  '
port  from  the  plotr  of  land  to  the  marjtejv.
In  another  case  it  may  represent  the  value  of
the  time  saved  by  the  occupant  of  the  site
through  his  being  in  a  favourable  positloh
with  respect  to  the  people  with  whom  he  is
doing  business.  In  another  case  it  may  be
connected  with  water  supply  or  harbourage  ;
and  in  yet  other  cases  it  may  represent  the
pleasantness  of  an  environment,  whether  in
climate,  scenery  or  social  amenities.  It  would
be  impossible  to  measure  by  an  objective
standard  the  quantity  of  intangible  differential
advantage,  but  in  its  actual  measurement  for
practical  purposes  no  difficulty  is  met  with
since  the  value  of  the  differential  advantage
is  automatically  registered  in  the  demands  of
consumers  which  express  the  degree  of  their
preferences  for  different  plots  of  land  in  view
of  the  mixed  advantages  associated  with
each.  Everybody  is  able  to  say  how  much
he  prefers  one  thing  to  another,  though  he
may  find  it  impossible  to  state  why  he  prefers
one  thing  to  another.

In  the  foregoing  discussion  the  broad
aspects  of  the  theory  of  rent  in  its  application ­
  to  land  are  tentatively  blocked  in  ;  it
now  remains  to  shew  where  the  theory,  as  so
far  set  forth,  is  imperfect,  and  how  it  must  be