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The Nature of Rent
by T。R。 Malthus
1815
An Inquiry into the Nature and Progress of Rent； and the
Principles by which it is regulated。
by Rev。 T。R。 Malthus；
Professor of History and Political Economy In the East India
College； Hertfordshire
London； Printed for John Murray； Albemarle Street
1815。
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The following tract contains the substance of some notes on
rent； which； with others on different subjects relating to
political economy； I have collected in the course of my
professional duties at the East India College。 It has been my
intention； at some time or other； to put them in a form for
publication； and the very near connection of the subject of the
present inquiry； with the topics immediately under discussion；
has induced me to hasten its appearance at the present moment。 It
is the duty of those who have any means of contributing to the
public stock of knowledge； not only to do so； but to do it at the
time when it is most likely to be useful。 If the nature of the
disquisition should appear to the reader hardly to suit the form
of a pamphlet； my apology must be； that it was not originally
intended for so ephemeral a shape。
The rent of land is a portion of the national revenue； which
has always been considered as of very high importance。
According to Adam Smith； it is one of the three original
sources of wealth； on which the three great divisions of society
are supported。
By the Economists it is so pre…eminently distinguished； that
it is considered as exclusively entitled to the name of riches；
and the sole fund which is capable of supporting the taxes of the
state； and on which they ultimately fall。
And it has； perhaps； a particular claim to our attention at
the present moment； on account of the discussions which are going
on respecting the corn laws； and the effects of rent on the price
of raw produce； and the progress of agricultural improvement。
The rent of land may be defined to be that portion of the
value of the whole produce which remains to the owner of the
land； after all the outgoings belonging to its cultivation； of
whatever kind； have been paid； including the profits of the
capital employed； estimated according to the usual and ordinary
rate of the profits of agricultural stock at the time being。
It sometimes happens； that from accidental and temporary
circumstances； the farmer pays more； or less； than this； but this
is the point towards which the actual rents paid are constantly
gravitating； and which is therefore always referred to when the
term is used in a general sense。
The immediate cause of rent is obviously the excess of price
above the cost of production at which raw produce sells in the
market。
The first object therefore which presents itself for inquiry；
is the cause or causes of the high price of raw produce。
After very careful and repeated revisions of the subject； I
do not find myself able to agree entirely in the view taken of
it； either by Adam Smith； or the Economists； and still less； by
some more modern writers。
Almost all these writers appear to me to consider rent as too
nearly resembling in its nature； and the laws by which it is
governed； the excess of price above the cost of production； which
is the characteristic of a monopoly。
Adam Smith； though in some parts of the eleventh chapter of
his first book he contemplates rent quite in its true light；（1*）
and has interspersed through his work more just observations on
the subject than any other writer； has not explained the most
essential cause of the high price of raw produce with sufficient
distinctness； though he often touches on it； and by applying
occasionally the term monopoly to the rent of land； without
stopping to mark its more radical peculiarities； he leaves the
reader without a definite impression of the real difference
between the cause of the high price of the necessaries of life；
and of monopolized commodities。
Some of the views which the Economists have taken of the
nature of rent appear to me； in like manner； to be quite just；
but they have mixed them with so much error； and have drawn such
preposterous and contradictory conclusions from them； that what
is true in their doctrines； has been obscured and lost in the
mass of superincumbent error； and has in consequence produced
little effect。 Their great practical conclusion； namely； the
propriety of taxing exclusively the net rents of the landlords；
evidently depends upon their considering these rents as
completely disposable； like that excess of price above the cost
of production which distinguishes a common monopoly。
M。 Say； in his valuable treatise on political economy； in
which he has explained with great clearness many points which
have not been sufficiently developed by Adam Smith； has not
treated the subject of rent in a manner entirely satisfactory。 In
speaking of the different natural agents which； as well as the
land； co…operate with the labours of man； he observes；
'Heureusement personne n'a pu dire le vent et le soleil
m'appartiennent； et le service qu'ils rendent doit m'etre
paye。'（2*） And； though he acknowledges that； for obvious reasons；
property in land is necessary； yet he evidently considers rent as
almost exclusively owing to such appropriation； and to external
demand。
In the excellent work of M。 de Sismondi； De la richesse
commerciale； he says in a note on the subject of rent； 'Cette
partie de la rente fonciere est celle que les Economistes ont
decoree du nom du produit net comme etant le seul fruit du
travail qui aj outat quelquechose a la richesse nationale。 On
pourrait au contraire soutenir contre eux； que c'est la seule
partie du produit du travail； dont la valeur soit purement
nominale； et n'ait rien de reelle： c'est en effet le resultat de
l'augmentation de prix qu'obtient un vendeur en vertu de son
privilege； sans que la chose vendue en vaille reellement
d'avantage。'（3*） The prevailing opinions among the more modern
writers in our own country； have appeared to me to incline
towards a similar view of the subject； and； not to multiply
citations； I shall only add； that in a very respectable edition
of the Wealth of nations； lately published by Mr Buchanan； of
Edinburgh； the idea of monopoly is pushed still further。 And
while former writers； though they considered rent as governed by
the laws of monopoly； were still of opinion that this monopoly in
the case of land was necessary and useful； Mr Buchanan sometimes
speaks of it even as prejudicial； and as depriving the consumer
of what it gives to the landlord。
In treating of productive and unproductive labour in the last
volume； he observes；（4*） that； 'The net surplus by which the
Economists estimate the utility of agriculture； plainly arises
from the high price of its produce； which； however advantageous
to the landlord who receives