Principles of Political EconomyPerry, Arthur Latham
General
Principles of Political Economy
Perry, Arthur Latham
Economics
(j) It follows from the points already made, _that all permanent
improvements in agriculture retard the operation of the law of
diminishing returns_. The recent introduction of the silo, for
example, upon the long-used and wearing-out farms of New England
promises, if the public law would quit throwing in obstacles, to help
restore the fertility of many of them. The discovery of new and more
available fertilizers, the invention of better agricultural
implements, the light thrown by chemistry upon agriculture, the
consequent adoption of better methods of culture and rotation of
crops, the more perfect adaptation to the various soils of the kinds
of produce sought to be raised from them,--all these and similar
improvements tend to increase the ratio of produce to the labor, and
to disguise the law just established. The lands that are now under
cultivation may be made, under more skilful modes of culture to yield
indefinitely more than at present, and the vast still uncultivated
lands of the world may come to render an incalculable quantity of food
to the world's population; but yet, as improvements are naturally less
continuous in this than in most other departments of production, as
invention has much less play, as there is less opportunity for the
division and co-operation of laborers, _as nothing can materially
shorten the time during which the fruits of the earth must ripen_, it
is certain that possible improvements will never override the law of
diminishing returns; and, consequently, _that the value of
agricultural produce tends constantly to rise relatively to
manufactured products generally_.
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