Note 58 — Chapter II

In a still more advanced stage, there is a fourth division of wealth, and part of the produce of labour is absorbed by rent. This, however, is not an element of price, but a consequence of it; and in the ordinary march of affairs, considerable time must elapse before it can begin. Rent, in the proper sense of the word, is the price paid for using the natural and indestructible powers of the soil, and must not be confused with rent commonly so called; for this last also includes the profits of stock. I notice this, because several of the opponents of Ricardo have placed the beginning of rent too early, by overlooking the fact that apparent rent is very often profits disguised.