WAGNER: Grundlegung der Nationaloekonomie. Leipzig; 1892-1894. PESCH: Lehrbuch der Nationaloekonomie. Freiburg; 1905-1913. ANTOINE: Cours d'Économie Sociale. Paris; 1899. HITZE: Capital et Travail. Louvain; 1898. HOLLANDER: The Abolition of Poverty. Houghton Mifflin Company; 1914. ELLWOOD: The Social Problem. Macmillan; 1915. GARRIGUET: The Social Value of the Gospel. Herder; 1911. PARKINSON: A Primer of Social Science. Devin-Adair Co.; 1913. VERMEERSCH: Quaestiones de Justitia. Bruges; 1901. KING: The Wealth and Income of the People of the United States. Macmillan; 1915. COMMISSION ON INDUSTRIAL RELATIONS. Final Report; 1915. SECTION I THE MORALITY OF PRIVATE LANDOWNERSHIP AND RENT DISTRIBUTIVE JUSTICE CHAPTER I THE LANDOWNER'S SHARE OF THE NATIONAL PRODUCT That part of the national product which represents land, and is attributed specifically to land, goes to the landowner. It is called economic rent, or simply rent. We say that rent "is attributed specifically to land," rather than "is produced specifically by land," because we do not know what proportion of the joint product of the different factors of production exactly reflects the productive contribution of any factor. Economic rent represents the productivity of land in so far as it indicates what men are willing to pay for land-use in the productive process. In any particular case rent comes into existence because the land makes a commercially valuable contribution to the product; and it goes to the landowner because this is one of the powers or rights included in the institution of private ownership. And the landowner's share is received by him precisely in his capacity as landowner, and not because he may happen to be labourer, farmer, or proprietor of agricultural capital. It is perhaps superfluous to observe that not all land produces rent. While almost all land is useful and productive, at least potentially, there is in almost every locality some land which in present conditions does not warrant men in paying a price for its use. If the crop raised on very sandy soil is so small as to cover merely the outlay for labour and capital, men will not pay rent for the use of that soil. Yet the land has contributed something to the product. Herein we have another indication that rent is not an adequate measure of land productivity. It merely represents land value,--at a given time, in given circumstances. _Economic Rent Always Goes to the Landowner_