r using improved methods, or to the fortunate
receiver of timely showers, or to the possessor of the fruitful field.
Neither the profit of the raiser, through his method and the shower, nor
the rent of the fertile field has made a bushel of wheat less or more
valuable in market. The value of the wheat in the market makes both the
profit and the rent. If the value of wheat falls, the value of best wheat
lands sometimes follows; but land values do not directly affect prices of
products, though they may be directly dependent upon those prices.

Indirectly, however, the value of land may affect prices of products.
Land, in certain speculative movements of society, gains a value for
future use. If the fertile fields are held for speculative purposes, less
fertile fields must furnish a limited supply at increased price. If the
fields are wanted for homes, the supply must come from a distance at
greater cost, or be raised on fewer acres by more costly tillage, and will
not come till the price is increased. Thus high rents, or land values, if
maintained by outward forces may diminish the total product, and so affect
prices. But no conspiracy of land holders can affect the price of their
products so long as their lands are employed in supplying the market.

_Variation in land values._--Rents vary in different countries under
various customs of those countries, and so land values can be compared
only by knowing the customs and laws which influence the transfer of
landed property, either by deed or by lease. Differences in value are
often due to considerations entirely distinct from production. Farms are
homes as well as machines; and the privileges of home life, with all the
relations of family, friendship and patriotic associations, may rouse
competition that greatly influences the market value of farms. In any
community, whatever custom or law hinders competition in farming affects
the relative value of farms in productive industry. Peculiarities in the
method of holding lands have much to do with their value. The hopes and
expectations of the people have large influence. Whatever stimulates
enterprise and increases speculative energy enlarges the estimate of land
value. Whatever depreciates abilities or discourages enterprise diminishes
land value. Whatever encourages permanent improvements and far-sighted
plans in farming increases land prices. Whatever discourages the spirit of
improvement reduces such prices.

In some of t