of labor's earnings between labor and capital as two distinct things. Lest this might mislead, I took the liberty to correct it, and to state that Proudhon thought labor the only legitimate title to wealth.
Now comes Edgeworth, and says that he meant by capital only the result of preparatory labor, which is as much entitled to reward as any other. Very good, say I; no one denies that. But this is not what is ordinarily meant by the "productivity of capital"; and Edgeworth, by his own rule, is bound to use words in their usual sense. The usual sense of this phrase, and the sense in which the economists use it, is that capital has such an independent share in all production that the owner of it may rightfully farm out the privilege of using it, receive a steady income from it, have it restored to him intact at the expiration of the lease, farm it out again to somebody else, and go on in this way, he and his heirs forever, living in a permanent state of idleness and luxury simply from having performed a certain amount of "preparatory labor." That is what Proudhon denounced as "the fiction of the productivity of capital"; and Edgeworth, in interpreting the phrase otherwise, gives it a very unusual sense, in violation of his own rule.
Moreover, what Edgeworth goes on to say about the proportional profits of landlord and tenant indicates that he has very loose ideas about the proper reward of labor, whether present or preparatory. The scientific reward (and under absolutely free competition the actual reward is, in the long run, almost identical with it) of labor is the product of an equal amount of equally arduous labor. The product of an hour of Edgeworth's labor in preparing a field for cotton culture, and the product of an hour of his tenant's labor in sowing and harvesting the crop, ought each to exchange for the product of an hour's labor of their neighbor the shoemaker, or their neighbor the tailor, or their neighbor the grocer, or their neighbor the doctor, provided the labor of all these parties is equally exhausting and implies equal amounts of acquired skill and equal outlays for tools and facilities. Now, supposing the cases of Edgeworth and his tenant to be representative and not isolated; and supposing them to produce, not for their own consumption, but for the purpose of sale, which is the purpose of practically all production, it then makes no difference to either of them whether their hour's labor yields five pounds of cotton or fifteen. In the one case they can get no more shoes or clothes or groceries or
medical services for the fifteen pounds than they can in the