Index:Principles of Political Economy Vol 1.djvu

Title	Principles of Political Economy, vol 1
Author	John Stuart Mill
Year	1871
Publisher	Longmans, Green, Reader and Dyer
Location	London
Source	djvu
Progress	Proofread—All pages of the work proper are proofread, but not all are validated
Transclusion	Fully transcluded
Volumes	Vol 1, Vol 2

Pages (key to Page Status)

Principles of Political Economy, vol. 1

- - - - - - i ii iii iv v vi

Contents

vii viii ix x xi xii xiii xiv xv xvi

Book 1

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 - 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246

Book 2

247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366 367 368 369 370 371 372 373 374 375 376 377 378 379 380 381 382 383 384 385 386 387 388 389 390 391 392 393 394 395 396 397 398 399 400 401 402 403 404 405 406 407 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 472 473 474 475 476 477 478 479 480 481 482 483 484 485 486 487 488 489 490 491 492 493 494 495 496 497 498 499 500 501 502 503 504 505 506 507 508 509 510 511 512 513 514 515 516 517 518 519 520 521 522 523 524 525 526 527 528 529 530 531 -

Book 3

533 534 535 536 537 538 539 540 541 542 543 544 545 546 547 548 549 550 551 552 553 554 555 556 557 558 559 560 561 562 563 564 565 566 567 568 569 570 571 572 573 574 575 576 577 578 579 580 581 582 583 584 585 586 587 588 589 590 591 592 593 -

Appendix

595 596 597 598 599 600 601 602 603 604 605 606 607 608 609 610 611 612 613 614 615 616 617 Print Adv Adv - - - -

 

CONTENTS

OF

THE FIRST VOLUME.

 

1. Page

2. Preliminary Remarks ................................................................................................................................................................................................................................................................................................................................................................................................

   1

3.  

   BOOK I.

    

   PRODUCTION.

    

   Chapter I. Of the Requisites of Production.

4. § 1.

   Requisites of production, what ................................................................................................................................................................................................................................................................................................................................................................................................

   29

5. 2.

   The function of labour defined ................................................................................................................................................................................................................................................................................................................................................................................................

   31

6. 3.

   Does nature contribute more to the efficacy of labour in some occupations than in others? ................................................................................................................................................................................................................................................................................................................................................................................................

   33

7. 4.

   Some natural agents limited, others practically unlimited, in quantity ................................................................................................................................................................................................................................................................................................................................................................................................

   34

8.  

   Chapter II. Of Labour as an Agent of Production.

9. § 1.

   Labour employed either directly about the thing produced, or in operations preparatory to its production ................................................................................................................................................................................................................................................................................................................................................................................................

   37

10. 2.

    Labour employed in producing subsistence for subsequent labour ................................................................................................................................................................................................................................................................................................................................................................................................

    39

11. 3.

    —in producing materials ................................................................................................................................................................................................................................................................................................................................................................................................

    42

12. 4.

    —or implements ................................................................................................................................................................................................................................................................................................................................................................................................

    44

13. 5.

    —in the protection of labour ................................................................................................................................................................................................................................................................................................................................................................................................

    46

14. 6.

    —in the transport and distribution of the produce ................................................................................................................................................................................................................................................................................................................................................................................................

    47

15. 7.

    Labour which relates to human beings ................................................................................................................................................................................................................................................................................................................................................................................................

    50

16. 8.

    Labour of invention and discovery ................................................................................................................................................................................................................................................................................................................................................................................................

    51

17. 9.

    Labour agricultural, manufacturing, and commercial ................................................................................................................................................................................................................................................................................................................................................................................................

    53

18.  

    Chapter III. Of Unproductive Labour.

19. § 1.

    Labour does not produce objects, but utilities ................................................................................................................................................................................................................................................................................................................................................................................................

    55

20. 2.

    —which are of three kinds ................................................................................................................................................................................................................................................................................................................................................................................................

    57

21. 3.

    Productive labour is that which produces utilities fixed and embodied in material objects ................................................................................................................................................................................................................................................................................................................................................................................................

    58

22. 4.

    All other labour, however useful, is classed as unproductive ................................................................................................................................................................................................................................................................................................................................................................................................

    61

23. 5.

    Productive and Unproductive Consumption ................................................................................................................................................................................................................................................................................................................................................................................................

    64

24. 6.

    Labour for the supply of Productive Consumption, and labour for the supply of Unproductive Consumption ................................................................................................................................................................................................................................................................................................................................................................................................

    65

25.  

    Chapter IV. Of Capital.

26. § 1.

    Capital is wealth appropriated to reproductive employment ................................................................................................................................................................................................................................................................................................................................................................................................

    68

27. 2.

    More capital devoted to production than actually employed in it ................................................................................................................................................................................................................................................................................................................................................................................................

    71

28. 3.

    Examination of some cases illustrative of the idea of Capital ................................................................................................................................................................................................................................................................................................................................................................................................

    74

29.  

    Chapter V. Fundamental Propositions respecting Capital.

30. § 1.

    Industry is limited by Capital ................................................................................................................................................................................................................................................................................................................................................................................................

    79

31. 2.

    —but does not always come up to that limit ................................................................................................................................................................................................................................................................................................................................................................................................

    81

32. 3.

    Increase of capital gives increased employment to labour, without assignable bounds ................................................................................................................................................................................................................................................................................................................................................................................................

    83

33. 4.

    Capital is the result of saving ................................................................................................................................................................................................................................................................................................................................................................................................

    86

34. 5.

    All capital is consumed ................................................................................................................................................................................................................................................................................................................................................................................................

    88

35. 6.

    Capital is kept up, not by preservation, but by perpetual reproduction ................................................................................................................................................................................................................................................................................................................................................................................................

    92

36. 7.

    Why countries recover rapidly from a state of devastation ................................................................................................................................................................................................................................................................................................................................................................................................

    94

37. 8.

    Effects of defraying government expenditure by loans ................................................................................................................................................................................................................................................................................................................................................................................................

    95

38. 9.

    Demand for commodities is not demand for labour ................................................................................................................................................................................................................................................................................................................................................................................................

    99

39. 10.

    Fallacy respecting Taxation ................................................................................................................................................................................................................................................................................................................................................................................................

    111

40.  

    Chapter VI. Of Circulating and Fixed Capital.

41. § 1.

    Fixed and Circulating Capital, what ................................................................................................................................................................................................................................................................................................................................................................................................

    114

42. 2.

    Increase of fixed capital, when at the expense of circulating, might be detrimental to the labourers ................................................................................................................................................................................................................................................................................................................................................................................................

    117

43. 3.

    —but this seldom if ever occurs ................................................................................................................................................................................................................................................................................................................................................................................................

    121

44.  

    Chapter VII. On what depends the degree of Productiveness of Productive Agents.

45. § 1.

    Land, labour, and capital, are of different productiveness at different times and places ................................................................................................................................................................................................................................................................................................................................................................................................

    126

46. 2.

    Causes of superior productiveness. Natural advantages ................................................................................................................................................................................................................................................................................................................................................................................................

    127

47. 3.

    —greater energy of labour ................................................................................................................................................................................................................................................................................................................................................................................................

    129

48. 4.

    —superior skill and knowledge ................................................................................................................................................................................................................................................................................................................................................................................................

    132

49. 5.

    —superiority of intelligence and trustworthiness in the community generally ................................................................................................................................................................................................................................................................................................................................................................................................

    134

50. 6.

    —superior security ................................................................................................................................................................................................................................................................................................................................................................................................

    139

51.  

    Chapter VIII. Of Co-operation, or the Combination of Labour.

52. § 1.

    Combination of Labour a principal cause of superior productiveness ................................................................................................................................................................................................................................................................................................................................................................................................

    144

53. 2.

    Effects of separation of employments analyzed ................................................................................................................................................................................................................................................................................................................................................................................................

    147

54. 3.

    Combination of labour between town and country ................................................................................................................................................................................................................................................................................................................................................................................................

    150

55. 4.

    The higher degrees of the division of labour ................................................................................................................................................................................................................................................................................................................................................................................................

    152

56. 5.

    Analysis of its advantages ................................................................................................................................................................................................................................................................................................................................................................................................

    154

57. 6.

    Limitations of the division of labour ................................................................................................................................................................................................................................................................................................................................................................................................

    162

58.  

    Chapter IX. Of Production on a Large, and Production on a Small Scale.

59. § 1.

    Advantages of the large system of production in manufactures ................................................................................................................................................................................................................................................................................................................................................................................................

    164

60. 2.

    Advantages and disadvantages of the joint-stock principle ................................................................................................................................................................................................................................................................................................................................................................................................

    170

61. 3.

    Conditions necessary for the large system of production ................................................................................................................................................................................................................................................................................................................................................................................................

    176

62. 4.

    Large and small farming compared ................................................................................................................................................................................................................................................................................................................................................................................................

    179

63.  

    Chapter X. Of the Law of the Increase of Labour.

64. § 1.

    The law of the increase of production depends on those of three elements, Labour, Capital, and Land ................................................................................................................................................................................................................................................................................................................................................................................................

    194

65. 2.

    The Law of Population ................................................................................................................................................................................................................................................................................................................................................................................................

    195

66. 3.

    By what checks the increase of population is practically limited ................................................................................................................................................................................................................................................................................................................................................................................................

    198

67.  

    Chapter XI. Of the Law of the Increase of Capital.

68. § 1.

    Means and motives to saving, on what dependent ................................................................................................................................................................................................................................................................................................................................................................................................

    203

69. 2.

    Causes of diversity in the effective strength of the desire of accumulation ................................................................................................................................................................................................................................................................................................................................................................................................

    205

70. 3.

    Examples of deficiency in the strength of this desire ................................................................................................................................................................................................................................................................................................................................................................................................

    208

71. 4.

    Exemplification of its excess ................................................................................................................................................................................................................................................................................................................................................................................................

    216

72.  

    Chapter XII. Of the Law of the Increase of Production from Land.

73. § 1.

    The limited quantity and limited productiveness of land, the real limits to production ................................................................................................................................................................................................................................................................................................................................................................................................

    220

74. 2.

    The law of production from the soil, a law of diminishing return in proportion to the increased application of labour and capital ................................................................................................................................................................................................................................................................................................................................................................................................

    221

75. 3.

    Antagonist principle to the law of diminishing return; the progress of improvements in production ................................................................................................................................................................................................................................................................................................................................................................................................

    226

76.  

    Chapter XIII. Consequences of the foregoing Laws.

77. § 1.

    Remedies when the limit to production is the weakness of the principle of accumulation ................................................................................................................................................................................................................................................................................................................................................................................................

    236

78. 2.

    Necessity of restraining population not confined to a state of inequality of property ................................................................................................................................................................................................................................................................................................................................................................................................

    237

79. 3.

    —nor superseded by free trade in food ................................................................................................................................................................................................................................................................................................................................................................................................

    241

80. 4.

    —nor in general by emigration ................................................................................................................................................................................................................................................................................................................................................................................................

    245

81.  

    BOOK II.

     

    DISTRIBUTION.

     

    Chapter I. Of Property.

82. § 1.

    Introductory remarks ................................................................................................................................................................................................................................................................................................................................................................................................

    249

83. 2.

    Statement of the question ................................................................................................................................................................................................................................................................................................................................................................................................

    251

84. 3.

    Examination of Communism ................................................................................................................................................................................................................................................................................................................................................................................................

    254

85. 4.

    —of St. Simonism and Fourierism ................................................................................................................................................................................................................................................................................................................................................................................................

    263

86.  

    Chapter II. The same subject continued.

87. § 1.

    The institution of property implies freedom of acquisition by contract ................................................................................................................................................................................................................................................................................................................................................................................................

    270

88. 2.

    —the validity of prescription ................................................................................................................................................................................................................................................................................................................................................................................................

    272

89. 3.

    —the power of bequest, but not the right of inheritance. Question of inheritance examined ................................................................................................................................................................................................................................................................................................................................................................................................

    273

90. 4.

    Should the right of bequest be limited, and how? ................................................................................................................................................................................................................................................................................................................................................................................................

    279

91. 5.

    Grounds of property in land, different from those of property in moveables ................................................................................................................................................................................................................................................................................................................................................................................................

    284

92. 6.

    —only valid on certain conditions, which are not always realized. The limitations considered ................................................................................................................................................................................................................................................................................................................................................................................................

    285

93. 7.

    Rights of property in abuses ................................................................................................................................................................................................................................................................................................................................................................................................

    291

94.  

    Chapter III. Of the Classes among whom the Produce is distributed.

95. § 1.

    The produce sometimes shared among three classes ................................................................................................................................................................................................................................................................................................................................................................................................

    293

96. 2.

    sometimes belongs undividedly to one ................................................................................................................................................................................................................................................................................................................................................................................................

    294

97. 3.

    sometimes divided between two ................................................................................................................................................................................................................................................................................................................................................................................................

    295

98.  

    Chapter IV. Of Competition and Custom.

99. § 1.

    Competition not the sole regulator of the division of the produce ................................................................................................................................................................................................................................................................................................................................................................................................

    298

100. 2.

     Influence of custom on rents, and on the tenure of land ................................................................................................................................................................................................................................................................................................................................................................................................

     299

101. 3.

     Influence of custom on prices ................................................................................................................................................................................................................................................................................................................................................................................................

     302

102.  

     Chapter V. Of Slavery.

103. § 1.

     Slavery considered in relation to the slaves ................................................................................................................................................................................................................................................................................................................................................................................................

     306

104. 2.

     —in relation to production ................................................................................................................................................................................................................................................................................................................................................................................................

     308

105. 3.

     Emancipation considered in relation to the interest of the slave-owners ................................................................................................................................................................................................................................................................................................................................................................................................

     310

106.  

     Chapter VI. Of Peasant Proprietors.

107. § 1.

     Difference between English and Continental opinions respecting peasant properties ................................................................................................................................................................................................................................................................................................................................................................................................

     313

108. 2.

     Evidence respecting peasant properties in Switzerland ................................................................................................................................................................................................................................................................................................................................................................................................

     315

109. 3.

     —in Norway ................................................................................................................................................................................................................................................................................................................................................................................................

     322

110. 4.

     —in Germany ................................................................................................................................................................................................................................................................................................................................................................................................

     326

111. 5.

     —in Belgium ................................................................................................................................................................................................................................................................................................................................................................................................

     332

112. 6.

     —in the Channel Islands ................................................................................................................................................................................................................................................................................................................................................................................................

     338

113. 7.

     —in France ................................................................................................................................................................................................................................................................................................................................................................................................

     341

114.  

     Chapter VII. Continuation of the same subject.

115. § 1.

     Influence of peasant properties in stimulating industry ................................................................................................................................................................................................................................................................................................................................................................................................

     347

116. 2.

     —in training intelligence ................................................................................................................................................................................................................................................................................................................................................................................................

     350

117. 3.

     —in promoting forethought and self-control ................................................................................................................................................................................................................................................................................................................................................................................................

     351

118. 4.

     Their effect on population ................................................................................................................................................................................................................................................................................................................................................................................................

     353

119. 5.

     —on the subdivision of land ................................................................................................................................................................................................................................................................................................................................................................................................

     364

120.  

     Chapter VIII. Of Metayers.

121. § 1.

     Nature of the metayer system, and its varieties ................................................................................................................................................................................................................................................................................................................................................................................................

     371

122. 2.

     Its advantages and inconveniences ................................................................................................................................................................................................................................................................................................................................................................................................

     372

123. 3.

     Evidence concerning its effects in different countries ................................................................................................................................................................................................................................................................................................................................................................................................

     375

124. 4.

     Is its abolition desirable? ................................................................................................................................................................................................................................................................................................................................................................................................

     388

125.  

     Chapter IX. Of Cottiers.

126. § 1.

     Nature and operation of cottier tenure ................................................................................................................................................................................................................................................................................................................................................................................................

     391

127. 2.

     In an overpeopled country its necessary consequence is nominal rents ................................................................................................................................................................................................................................................................................................................................................................................................

     394

128. 3.

     —which are inconsistent with industry, frugality, or restraint on population ................................................................................................................................................................................................................................................................................................................................................................................................

     397

129. 4.

     Ryot tenancy of India ................................................................................................................................................................................................................................................................................................................................................................................................

     399

130.  

     Chapter X. Means of abolishing Cottier Tenancy.

131. § 1.

     Irish cottiers should be converted into peasant proprietors ................................................................................................................................................................................................................................................................................................................................................................................................

     404

132. 2.

     Present state of this question ................................................................................................................................................................................................................................................................................................................................................................................................

     412

133.  

     Chapter XI. Of Wages.

134. § 1.

     Wages depend on the demand and supply of labour—in other words, on population and capital ................................................................................................................................................................................................................................................................................................................................................................................................

     419

135. 2.

     Examination of some popular opinions respecting wages ................................................................................................................................................................................................................................................................................................................................................................................................

     420

136. § 3.

     Certain rare circumstances excepted, high wages imply restraints on population ................................................................................................................................................................................................................................................................................................................................................................................................

     427

137. 4.

     —which are in some cases legal ................................................................................................................................................................................................................................................................................................................................................................................................

     431

138. 5.

     —in others the effect of particular customs ................................................................................................................................................................................................................................................................................................................................................................................................

     434

139. 6.

     Due restriction of population the only safeguard of a labouring class ................................................................................................................................................................................................................................................................................................................................................................................................

     436

140.  

     Chapter XII. Of Popular Remedies for Low Wages.

141. § 1.

     A legal or customary minimum of wages, with a guarantee of employment ................................................................................................................................................................................................................................................................................................................................................................................................

     441

142. 2.

     —would require as a condition, legal measures for repression of population ................................................................................................................................................................................................................................................................................................................................................................................................

     443

143. 3.

     Allowances in aid of wages ................................................................................................................................................................................................................................................................................................................................................................................................

     448

144. 4.

     The Allotment System ................................................................................................................................................................................................................................................................................................................................................................................................

     450

145.  

     Chapter XIII. Remedies for Low Wages further considered.

146. § 1.

     Pernicious direction of public opinion on the subject of population ................................................................................................................................................................................................................................................................................................................................................................................................

     456

147. 2.

     Grounds for expecting improvement ................................................................................................................................................................................................................................................................................................................................................................................................

     459

148. 3.

     Twofold means of elevating the habits of the labouring people: by education ................................................................................................................................................................................................................................................................................................................................................................................................

     465

149. 4.

     —and by large measures of immediate relief, through foreign and home colonization ................................................................................................................................................................................................................................................................................................................................................................................................

     467

150.  

     Chapter XIV. Of the Differences of Wages in different Employments.

151. § 1.

     Differences of wages arising from different degrees of attractiveness in different employments ................................................................................................................................................................................................................................................................................................................................................................................................

     471

152. 2.

     Differences arising from natural monopolies ................................................................................................................................................................................................................................................................................................................................................................................................

     477

153. 3.

     Effect on wages of a class of subsidized competitors ................................................................................................................................................................................................................................................................................................................................................................................................

     482

154. 4.

     —of the competition of persons with independent means of support ................................................................................................................................................................................................................................................................................................................................................................................................

     485

155. 5.

     Wages of women, why lower than those of men ................................................................................................................................................................................................................................................................................................................................................................................................

     490

156. 6.

     Differences of wages arising from restrictive laws, and from combinations ................................................................................................................................................................................................................................................................................................................................................................................................

     491

157. 7.

     Cases in which wages are fixed by custom ................................................................................................................................................................................................................................................................................................................................................................................................

     493

158.  

     Chapter XV. Of Profits.

159. § 1.

     Profits resolvable into three parts; interest, insurance, and wages of superintendence ................................................................................................................................................................................................................................................................................................................................................................................................

     495

160. 2.

     The minimum of profits; and the variations to which it is liable ................................................................................................................................................................................................................................................................................................................................................................................................

     498

161. 3.

     Differences of profits arising from the nature of the particular employment ................................................................................................................................................................................................................................................................................................................................................................................................

     500

162. 4.

     General tendency of profits to an equality ................................................................................................................................................................................................................................................................................................................................................................................................

     502

163. 5.

     Profits do not depend on prices, nor on purchase and sale ................................................................................................................................................................................................................................................................................................................................................................................................

     508

164. 6.

     The advances of the capitalist consist ultimately in wages of labour ................................................................................................................................................................................................................................................................................................................................................................................................

     510

165. 7.

     The rate of profit depends on the Cost of Labour ................................................................................................................................................................................................................................................................................................................................................................................................

     512

166.  

     Chapter XVI. Of Rent.

167. § 1.

     Rent the effect of a natural monopoly ................................................................................................................................................................................................................................................................................................................................................................................................

     516

168. 2.

     No land can pay rent except land of such quality or situation, as exists in less quantity than the demand ................................................................................................................................................................................................................................................................................................................................................................................................

     517

169. 3.

     The rent of land consists of the excess of its return above the return to the worst land in cultivation ................................................................................................................................................................................................................................................................................................................................................................................................

     519

170. 4.

     —or to the capital employed in the least advantageous circumstances ................................................................................................................................................................................................................................................................................................................................................................................................

     522

171. 5.

     Is payment for capital sunk in the soil, rent, or profit? ................................................................................................................................................................................................................................................................................................................................................................................................

     525

172. 6.

     Rent does not enter into the cost of production of agricultural produce ................................................................................................................................................................................................................................................................................................................................................................................................

     530

173.  

     BOOK III.

      

     EXCHANGE.

      

     Chapter I. Of Value.

174. § 1.

     Preliminary remarks ................................................................................................................................................................................................................................................................................................................................................................................................

     535

175. 2.

     Definitions of Value in Use, Exchange Value, and Price ................................................................................................................................................................................................................................................................................................................................................................................................

     537

176. 3.

     What is meant by general purchasing power ................................................................................................................................................................................................................................................................................................................................................................................................

     538

177. 4.

     Value a relative term. A general rise or fall of values a contradiction ................................................................................................................................................................................................................................................................................................................................................................................................

     540

178. 5.

     The laws of Value, how modified in their application to retail transactions ................................................................................................................................................................................................................................................................................................................................................................................................

     541

179.  

     Chapter II. Of Demand and Supply, in their relation to Value.

180. § 1.

     Two conditions of Value: Utility, and Difficulty of Attainment ................................................................................................................................................................................................................................................................................................................................................................................................

     544

181. 2.

     Three kinds of Difficulty of Attainment ................................................................................................................................................................................................................................................................................................................................................................................................

     546

182. 3.

     Commodities which are absolutely limited in quantity ................................................................................................................................................................................................................................................................................................................................................................................................

     548

183. 4.

     Law of their value, the Equation of Demand and Supply ................................................................................................................................................................................................................................................................................................................................................................................................

     550

184. 5.

     Miscellaneous cases falling under this law ................................................................................................................................................................................................................................................................................................................................................................................................

     552

185.  

     Chapter III. Of Cost of Production, in its relation to Value.

186. § 1.

     Commodities which are susceptible of indefinite multiplication without increase of cost. Law of their Value, Cost of Production ................................................................................................................................................................................................................................................................................................................................................................................................

     555

187. 2.

     —operating through potential, but not actual, alterations of supply ................................................................................................................................................................................................................................................................................................................................................................................................

     557

188.  

     Chapter IV. Ultimate Analysis of Cost of Production.

189. § 1.

     Principal element in Cost of Production Quantity of Labour ................................................................................................................................................................................................................................................................................................................................................................................................

     562

190. 2.

     Wages not an element in Cost of Production ................................................................................................................................................................................................................................................................................................................................................................................................

     564

191. 3.

     —except in so far as they vary from employment to employment ................................................................................................................................................................................................................................................................................................................................................................................................

     566

192. 4.

     Profits an element in Cost of Production, in so far as they vary from employment to employment ................................................................................................................................................................................................................................................................................................................................................................................................

     568

193. 5.

     —or are spread over unequal lengths of time ................................................................................................................................................................................................................................................................................................................................................................................................

     569

194. 6.

     Occasional elements in Cost of Production: taxes, and scarcity value of materials ................................................................................................................................................................................................................................................................................................................................................................................................

     574

195.  

     Chapter V. Of Rent, in its relation to Value.

196. § 1.

     Commodities which are susceptible of indefinite ultiplication, but not without increase of cost. Law of their Value, Cost of Production in the most unfavourable existing circumstances ................................................................................................................................................................................................................................................................................................................................................................................................

     577

197. 2.

     Such commodities, when produced in circumstances more favourable, yield a rent equal to the difference of cost ................................................................................................................................................................................................................................................................................................................................................................................................

     580

198. 3.

     Rent of mines and fisheries, and ground-rent of buildings ................................................................................................................................................................................................................................................................................................................................................................................................

     583

199. 4.

     Cases of extra profit analogous to rent ................................................................................................................................................................................................................................................................................................................................................................................................

     586

200.  

     Chapter VI. Summary of the Theory of Value.

201. § 1.

     The theory of Value recapitulated in a series of propositions ................................................................................................................................................................................................................................................................................................................................................................................................

     588

202. 2.

     How modified by the case of labourers cultivating for subsistence ................................................................................................................................................................................................................................................................................................................................................................................................

     591

203. 3.

     —by the case of slave labour ................................................................................................................................................................................................................................................................................................................................................................................................

     593

1.  

   APPENDIX.

    

2. Substance of three articles in the Morning Chronicle of 11th, 13th, and 16th January, 1847, in reply to MM. Mourner and Rubichon and to the Quarterly Review, on the Subdivision of Landed Property in France ................................................................................................................................................................................................................................................................................................................................................................................................

   597