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Show OF TilE RE-:\'T OF LAND. . [en. ·111. · difficulty of production.* 13ut if rents !n n1any countries n1ay be doubled or trebled by 11:1 proveInents in agriculture, "rh1le in fe\V conntnes they could be raised a fourth or a fifth, and in son1e uot a tenth, by the increase of ·price arjsing ~ron1 the increased difficulty of production, 1nust 1t not be ackno\vledged, that such a vie'vv of rent embraces only a very sn1all part of the subject, and_ consequently that any general inferences fro1n 1t n1u st be utterly inapplicable to practice? It should be further observed,,in reference to im-provenlents in agriculture, that the mode in which Mr. Ricardo estimates the increase or decrease of ·rents is quite peculiar; and this peculiarity in the ' use of his terms tends to separate his conclusions still farther fron1 truth as enunciated in the accustomed language of political econon1y. In speaking of the division of the \vhole produce of the land and labour of the country between the thi·ee classes of landlords, labourers, and capitalists, he has the following passage. I " It is not by the absolute quantity of produce obtained by either class, !hat we can correctly judge of the rate of profit, rent, and wages, but by the quantity of labour required to obtain that produce. * l\Ir. Ricardo always seems to assume, that increased difficul· ties thrown in the way of production will be overcome by in· creased price, and that the same quantity will be produced. But this is an unwarranted assumption. 'Vhere is the increased price to come from ? An increase of difficulty in the actual state of a cotmtry's resources will always tend to diminish produce. SEC. VIII.] OF THE H.ENT OF LAND. By in1provc1nents in n1achinery and agriculture the 'vholc produce n1ay be doubled; but if \vages, rent and profits be also don bled, they 'vill bear the san1c proportions to on'e another as before. But if I wages partook not of the ,,v hole of this increase ; if they, instead ot being doubled, vvere only in:. creased one half; if rent, instead of being doubled, \vere only increased three-fourths, and the retnaining increase vvent to profit, it would, I apprehend, be correct for tne to say, that rent and wages had ' fallen while profits had risen. For if \Ve had an invariable standard by \Vhich to measure the value of this produce, we should find that a less value had fallen to the class of labourers and 'landlords, and a greater to the class of capitalists than had been g·i ven before. '':JC: A little farther on, having stated son1e specific . proportions, he observes, " 111 that case I should say, that \Vages and rent had fallen and profits risen, though, in consequence of the abundance of c.on1- n1odities, the quantity paid to the labourer and . 1andlord \vould have increased in the proportion of 25 to 44."t . In reference to this staten1ent, I should observe . ' that if the application of l\1r. l{icardo's invariable standard of value naturally leads to the use of such language, the sooner the standard is got riel ot: the better, as in an inquiry into the nature and causes of the vvealth of nations, it n1ust necessarily occasion perpetual confusion and error. }?or \IV hat does * I) rm. c. o f l) o1 I' t. Tx..' . con. chap. i. p. 43. 2d etlit. t IJ . p. 44. r 3 |