orrect in
supposing that the original rule which regulated the exchangeable value
of commodities, namely the comparative quantity of labour by which they
were produced, can be at all altered by the appropriation of land and
the payment of rent. Raw material enters into the composition of most
commodities, but the value of that raw material as well as corn, is
regulated by the productiveness of the portion of capital last employed
on the land, and paying no rent; and therefore rent is not a component
part of the price of commodities.

We have been hitherto considering the effects of the natural progress of
wealth and population on rent, in a country in which the land is of
variously productive powers; and we have seen, that with every portion
of additional capital which it becomes necessary to employ on the land
with a less productive return, rent would rise. It follows from the same
principles, that any circumstances in the society which should make it
unnecessary to employ the same amount of capital on the land, and which
should therefore make the portion last employed more productive, would
lower rent. Any great reduction in the capital of a country, which
should materially diminish the funds destined for the maintenance of
labour, would naturally have this effect. Population regulates itself by
the funds which are to employ it, and therefore always increases or
diminishes with the increase or diminution of capital. Every reduction
of capital is therefore necessarily followed by a less effective demand
for corn, by a fall of price, and by diminished cultivation. In the
reverse order to that in which the accumulation of capital raises rent,
will the diminution of it lower rent. Land of a less unproductive
quality will be in succession relinquished, the exchangeable value of
produce will fall, and land of a superior quality will be the land last
cultivated, and that which will then pay no rent.

The same effects may however be produced when the wealth and population
of a country are increased, if that increase is accompanied by such
marked improvements in agriculture, as shall have the same effect of
diminishing the necessity of cultivating the poorer lands, or of
expending the same amount of capital on the cultivation of the more
fertile portions.

If a million of quarters of corn be necessary for the support of a given
population, and it be raised on land of the qualities of No. 1, 2, 3;
and if an improvement be af