An Inquiry into the Nature and Causes of the Wealth of NationsSmith, Adam
History
An Inquiry into the Nature and Causes of the Wealth of Nations
Smith, Adam
Economics
It is in this manner that the rent of the cultivated land, of which the
produce is human food, regulates the rent of the greater part of other
cultivated land. No particular produce can long afford less, because the
land would immediately be turned to another use; and if any particular
produce commonly affords more, it is because the quantity of land which
can be fitted for it is too small to supply the effectual demand.
In Europe, corn is the principal produce of land, which serves immediately
for human food. Except in particular situations, therefore, the rent of
corn land regulates in Europe that of all other cultivated land. Britain
need envy neither the vineyards of France, nor the olive plantations of
Italy. Except in particular situations, the value of these is regulated by
that of corn, in which the fertility of Britain is not much inferior to
that of either of those two countries.
If, in any country, the common and favourite vegetable food of the people
should be drawn from a plant of which the most common land, with the same,
or nearly the same culture, produced a much greater quantity than the most
fertile does of corn; the rent of the landlord, or the surplus quantity of
food which would remain to him, after paying the labour, and replacing the
stock of the farmer, together with its ordinary profits, would necessarily
be much greater. Whatever was the rate at which labour was commonly
maintained in that country, this greater surplus could always maintain a
greater quantity of it, and, consequently, enable the landlord to purchase
or command a greater quantity of it. The real value of his rent, his real
power and authority, his command of the necessaries and conveniencies of
life with which the labour of other people could supply him, would
necessarily be much greater.
Public-domain text, read in full here on John Shaqi.
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