Note 153-1 — Chapter II

To be met with in this form even in Adam Smith, Wealth of Nations, I, ch. 11, pr. John Stuart Mill, Principles II, ch. 16, § 6, thus states the matter: "Whoever cultivates land, paying a rent for it, gets in return for his rent an instrument of superior power to other instruments of the same kind for which no rent is paid. The superiority of the instrument is in exact proportion to the rent paid for it." According to v. Jacob, Grundsätze der Nat. Oek., I, 187, rent constitutes a much larger portion of the price of commodities than is generally supposed, in as much as wages depend so largely on the price of the means of subsistence. Per contra, Baudrillart, Manuel, 391 ff., who maintains that rent is practically insignificant.