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production itself； and in the case of a monopoly； whether natural
or artificial； the excess of price is in proportion to the
smallness of the supply compared with the demand； while this
demand is comparatively unlimited。 In the case of strict
necessaries； the existence and increase of the demand； or of the
number of demanders； must depend upon the existence and increase
of these necessaries themselves； and the excess of their price
above the cost of their production must depend upon； and is
permanently limited by； the excess of their quantity above the
quantity necessary to maintain the labour required to produce
them； without which excess of quantity no demand could have
existed； according to the laws of nature； for more than was
necessary to support the producers。
It has been stated； in the new edition of the Wealth of
nations； that the cause of the high price of raw produce is； that
such price is required to proportion the consumption to the
supply。（8*） This is also true； but it affords no solution of the
point in question。 We still want to know why the consumption and
supply are such as to make the price so greatly exceed the cost
of production； and the main cause is evidently the fertility of
the earth in producing the necessaries of life。 Diminish this
plenty； diminish the fertility of the soil； and the excess will
diminish； diminish it still further； and it will disappear。 The
cause of the high price of the necessaries of life above the cost
of production； is to be found in their abundance； rather than
their scarcity； and is not only essentially different from the
high price occasioned by artificial monopolies； but from the high
price of those peculiar products of the earth； not connected with
food； which may be called natural and necessary monopolies。
The produce of certain vineyards in France； which； from the
peculiarity of their soil and situation； exclusively yield wine
of a certain flavour； is sold of course at a price very far
exceeding the cost of production。 And this is owing to the
greatness of the competition for such wine； compared with the
scantiness of its supply； which confines the use of it to so
small a number of persons； that they are able； and rather than go
without it； willing； to give an excessively high price。 But if
the fertility of these lands were increased； so as very
considerably to increase the produce； this produce might so fall
in value as to diminish most essentially the excess of its price
above the cost of production。 While； on the other hand； if the
vineyards were to become less productive； this excess might
increase to almost any extent。
The obvious cause of these effects is； that in all
monopolies； properly so called； whether natural or artificial；
the demand is exterior to； and independent of； the production
itself。 The number of persons who might have a taste for scarce
wines； and would be desirous of entering into a competition for
the purchase of them； might increase almost indefinitely； while
the produce itself was decreasing； and its price； therefore；
would have no other limit than the numbers； powers； and caprices；
of the competitors for it。
In the production of the necessaries of life； on the
contrary； the demand is dependent upon the produce itself； and
the effects are； in consequence； widely different。 In this case；
it is physically impossible that the number of demanders should
increase； while the quantity of produce diminishes； as the
demanders only exist by means of this produce。 The fertility of
soil； and consequent abundance of produce from a certain quantity
of land； which； in the former case； diminished the excess of
price above the cost of production； is； in the present case； the
specific cause of such excess； and the diminished fertility；
which in the former case might increase the price to almost any
excess above the cost of production； may be safely asserted to be
the sole cause which could permanently maintain the necessaries
of life at a price not exceeding the cost of production。
Is it； then； possible to consider the price of the
necessaries of life as regulated upon the principle of a common
monopoly？ Is it possible； with M。 de Sismondi； to regard rent as
the sole produce of labour； which has a value purely nominal； and
the mere result of that augmentation of price which a seller
obtains in consequence of a peculiar privilege； or； with Mr
Buchanan； to consider it as no addition to the national wealth；
but merely as a transfer of value； advantageous only to the
landlords； and proportionately injurious to the consumers？
Is it not； on the contrary； a clear indication of a most
inestimable quality in the soil； which God has bestowed on man …
the quality of being able to maintain more persons than are
necessary to work it？ Is it not a part； and we shall see further
on that it is an absolutely necessary part； of that surplus
produce from the land；（9*） which has been justly stated to be the
source of all power and enjoyment； and without which； in fact；
there would be no cities； no military or naval force； no arts； no
learning； none of the finer manufactures； none of the
conveniences and luxuries of foreign countries； and none of that
cultivated and polished society； which not only elevates and
dignifies individuals； but which extends its beneficial influence
through the whole mass of the people？
In the early periods of society； or more remarkably perhaps；
when the knowledge and capital of an old society are employed
upon fresh and fertile land； this surplus produce； this bountiful
gift of providence； shows itself chiefly in extraordinary high
profits； and extraordinary high wages； and appears but little in
the shape of rent。 While fertile land is in abundance； and may be
had by whoever asks for it； nobody of course will pay a rent to a
landlord。 But it is not consistent with the laws of nature； and
the limits and quality of the earth； that this state of things
should continue。 Diversities of soil and situation must
necessarily exist in all countries。 All land cannot be the most
fertile： all situations cannot be the nearest to navigable rivers
and markets。 But the accumulation of capital beyond the means of
employing it on land of the greatest natural fertility； and the
greatest advantage of situation； must necessarily lower profits；
while the tendency of population to increase beyond the means of
subsistence must； after a certain time； lower the wages of
labour。
The expense of production will thus be diminished； but the
value of the produce； that is； the quantity of labour； and of the
other products of labour besides corn； which it can command；
instead of diminishing； will be increased。 There will be an
increasing number of people demanding subsistence； and ready to
offer their services in any way in which they can be useful。 The
exchangeable value of food will； therefore； be in excess above
the cost of pr