Note 1236 — Chapter II · : THE THEORY OF RENT AND ITS APPLICATIONS

Mr. and Mrs. Webb in their History of Trade Unionism reject “that confident sciolism and prejudice which has led generations of socialists to borrow from Adam Smith and the ‘classic’ economists the erroneous theory that labour is by itself the creator of value without going on to master that impregnable and more difficult law of economic rent which is the very corner-stone of collectivist economy.”