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exchangeable value of food will； therefore； be in excess above
the cost of production； including in this cost the full profits
of the stock employed upon the land； according to the actual rate
of profits； at the time being。 And this excess is rent。
Nor is it possible that these rents should permanently remain
as parts of the profits of stock； or of the wages of labour。 If
such an accumulation were to take place； as decidedly to lower
the general profits of stock； and； consequently； the expenses of
cultivation； so as to make it answer to cultivate poorer land；
the cultivators of the richer land； if they paid no rent； would
cease to be mere farmers； or persons living upon the profits of
agricultural stock。 They would unite the characters of farmers
and landlords … a union by no means uncommon； but which does not
alter； in any degree； the nature of rent； or its essential
separation from profits。 If the general profits of stock were 20
per cent and particular portions of land would yield 30 per cent
on the capital employed； 10 per cent of the 30 would obviously be
rent； by whomsoever received。
It happens； indeed； sometimes； that from bad government；
extravagant habits； and a faulty constitution of society； the
accumulation of capital is stopped； while fertile land is in
considerable plenty； in which case profits may continue
permanently very high； but even in this case wages must
necessarily fall； which by reducing the expenses of cultivation
must occasion rents。 There is nothing so absolutely unavoidable
in the progress of society as the fall of wages； that is such a
fall as； combined with the habits of the labouring classes； will
regulate the progress of population according to the means of
subsistence。 And when； from the want of an increase of capital；
the increase of produce is checked； and the means of subsistence
come to a stand； the wages of labour must necessarily fall so
low； as only just to maintain the existing population； and to
prevent any increase。
We observe in consequence； that in all those countries； such
as Poland； where； from the want of accumulation； the profits of
stock remain very high； and the progress of cultivation either
proceeds very slowly； or is entirely stopped； the wages of labour
are extremely low。 And this cheapness of labour； by diminishing
the expenses of cultivation； as far as labour is concerned；
counteracts the effects of the high profits of stock； and
generally leaves a larger rent to the landlord than in those
countries； such as America； where； by a rapid accumulation of
stock； which can still find advantageous employment； and a great
demand for labour； which is accompanied by an adequate increase
of produce and population； profits cannot be low； and labour for
some considerable time remains very high。
It may be laid down； therefore； as an incontrovertible truth；
that as a nation reaches any considerable degree of wealth； and
any considerable fullness of population； which of course cannot
take place without a great fall both in the profits of stock and
the wages of labour； the separation of rents； as a kind of
fixture upon lands of a certain quality； is a law as invariable
as the action of the principle of gravity。 And that rents are
neither a mere nominal value； nor a value unnecessarily and
injuriously transferred from one set of people to another； but a
most real and essential part of the whole value of the national
property； and placed by the laws of nature where they are； on the
land； by whomsoever possessed； whether the landlord； the crown；
or the actual cultivator。
Rent then has been traced to the same common nature with that
general surplus from the land； which is the result of certain
qualities of the soil and its products； and it has been found to
commence its separation from profits； as soon as profits and
wages fall； owing to the comparative scarcity of fertile land in
the natural progress of a country towards wealth and population。
Having examined the nature and origin of rent； it remains for
us to consider the laws by which it is governed； and by which its
increase or decrease is regulated。
When capital has accumulated； and labour fallen on the most
eligible lands of a country； other lands less favourably
circumstanced with respect to fertility or situation； may be
occupied with advantage。 The expenses of cultivation； including
profits； having fallen； poorer land； or land more distant from
markets； though yielding at first no rent； may fully repay these
expenses； and fully answer to the cultivator。 And again； when
either the profits of stock or the wages of labour； or both； have
still further fallen； land still poorer； or still less favourably
situated； may be taken into cultivation。 And； at every step； it
is clear； that if the price of produce does not fall； the rents
of land will rise。 And the price of produce will not fall； as
long as the industry and ingenuity of the labouring classes；
assisted by the capitals of those not employed upon the land； can
find something to give in exchange to the cultivators and
landlords； which will stimulate them to continue undiminished
their agricultural exertions； and maintain their increasing
excess of produce。
In tracing more particularly the laws which govern the rise
and fall of rents； the main causes which diminish the expenses of
cultivation； or reduce the cost of the instruments of production；
compared with the price of produce； require to be more
specifically enumerated。 The principal of these seem to be four：
first； such an accumulation of capital as will lower the profits
of stock； secondly； such an increase of population as will lower
the wages of labour； thirdly； such agricultural improvements； or
such increase of exertions； as will diminish the number of
labourers necessary to produce a given effect； and fourthly； such
an increase in the price of agricultural produce； from increased
demand； as without nominally lowering the expense of production；
will increase the difference between this expense and the price
of produce。
The operation of the three first causes in lowering the
expenses of cultivation； compared with the price of produce； are
quite obvious； the fourth requires a few further observations。
If a great and continued demand should arise among
surrounding nations for the raw produce of a particular country；
the price of this produce would of course rise considerably； and
the expenses of cultivation； rising only slowly and gradually to
the same proportion； the price of produce might for a long time
keep so much ahead； as to give a prodigious stimulus to
improvement； and encourage the employment of much capital in
bringing fresh land under cultivation； and rendering the old much
more productive。
Nor would the effect be essentially different in a country
which continued to feed its own people； if instead of a demand
for its raw produce； there was