Principles of Political EconomyPerry, Arthur Latham
General
Principles of Political Economy
Perry, Arthur Latham
Economics
(a) It is easy enough to see why the solution of this general problem
is so extremely difficult. The new is mixed in with the old. The
result of the old labor and capital is a productive piece of land; the
current labor and capital is expended upon the same piece to make it
more productive; the same sort of thing is done now that was done
then, and the results of the two are now thoroughly intermixed; there
were original free utilities in soil and growths and deposits, but
these had and have no value and can never yield rent; the old labor
and capital improved the soil by clearing and drainage and
fertilizers, and made the growths and deposits more valuable and
accessible, so that even the old onerous was more or less transformed
into the original gratuitous; and now the new onerous, the fresh
cultivation and fertilization and betterments generally, in soils and
roads and buildings, are inextricably commingled with former
betterments of the same general kind and with the original free gifts
of Nature. No wonder the Commission of 1881 found difficulty in
determining what was what and which was which! No wonder that Irish
tenants on long leases quarrel with their landlords about the
betterments, how much is new, how much is old! It is clear, that when
the lease is ended, the landlord ought to compensate the tenant for
all that portion of the latter's betterments, which is not already
worn out; it is equally clear, that the tenant ought to be willing to
pay a fair rent for the use of the unexpended betterments of the
landlord and his predecessors; while there is room and verge enough
for endless disputes between them as to the respective amounts of
these, and consequently as to the amounts of rent and of its
remissions.
These difficulties and intricacies do not belong to the _principles_
of the Science of buying and selling, which are in the main clear and
certain in their action, but are incidents of determining in certain
cases _what that is_, which is bought and sold. Parties in interest in
all kinds of buying and selling are sometimes compelled to go to the
courts in order to have the Law decide what their respective rights
are as buyers and sellers; but this is no fault of Political Economy
as a science, or of trading as an art; two men in all cases make their
own bargain, according to their own estimate of the respective
rendering and receiving of each; if the uncertainties of language, the
misconception on the part of one or both of the terms agreed upon, and
the misapprehension of some of the circumstances of the case, breed
confusion and litigation, all this cannot be justly charged to the
science of Political Economy.
Public-domain text, read in full here on John Shaqi.
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