...law of diminishing returns. From his theory of rent he draws certa1n conclusions. The first is that " corn is not high because a rent is paid, but a rent is paid because corn is high ; and it has been justly observed that no reduction would take place in the price of com, although...

...wages, profit, and rent' (Smith, WN, I. vii. 33). As Ricardo stressed in the Principles, the price of 'corn is not high because a rent is paid, but a rent is paid because corn is high' ( Works, I, p. 74). If the high price of corn were the effect, and not the cause of rent, price would...

...reasoning behind the idea that rent is price determined, not price determining. As Ricardo put it, "Corn is not high because a rent is paid, but a rent is paid because com is high."8 Thus rent is not a direct cost of production to the farmer that enters into the determination...

...bestowed on its production on that quality of land, or with that portion of capital which pays no rent, Corn is not high because a rent is paid, but a rent is paid because corn is high: and it has been justly observed by Mr Malthus, that no reduction would take place in the price of corn,...

...bestowed on its production on that quality of land, or with that portion of capital, which pays no rent. Corn is not high because a rent is paid, but a rent is paid because corn is high; and it has been justly observed that no reduction would take place in the price of corn, although landlords...

...bestowed on its production on that quality of land, or with that portion of capital, which pays no rent. Corn is not high because a rent is paid, but a rent is paid because corn is high." 16 D. RICARDO, Über die Grundsätze der Politischen Ökonomie und der Besteuerung (1817, 182l3), herausgegeben...

...bestowed on its production on that quality of land, or with that portion of capital, which pays no rent. Corn is not high because a rent is paid, but a rent is paid because corn is high; and it has been justly observed, that no reduction would take place in the price of corn, although...

...excess * of return over the cost of production on lands of the first quality belongs to a non-resident landlord, or an occupier. It must belong to the one...is paid because corn is high — because the demand it such that it cannot be supplied without cultivating soils, of a diminished degree of fertility,...

...opinion in one who maintains that wages regulate price. capital, which pays no rent. Corn is not liigh because a rent is paid, but a rent is paid because corn is nigh ; and it has been justly observed, that no reduction would take place in the price of corn, although...