SOME ASPECTS OF THE THEORY OF RENT
Few economic theories have been more often introduced of late into the discussion of practical affairs than the theory of rent; and, among the causes which have contributed to this result, two are perhaps especially prominent. On the one hand, the attention of Parliament has been largely directed to agrarian matters. The questions, indeed, raised by the Agricultural Holdings Acts and the condition of the Highland crofters have differed in detail and degree from those connected with Irish land legislation; but these differences have been compatible with a broad similarity in the theoretical issues involved. It is true that such differences may be an important consideration for the practical legislator, and that he may refuse to concern himself very seriously with similarities of theoretical principle, if, after the most comprehensive survey that he has been able to make of the conditions of the immediate problem before him, he has reached the conviction that the solution he favours satisfies the demands of practical exigency. But his action is generally regarded by himself, or by others, to be founded on the application, or misapplication, of a theory; and it can scarcely fail to attract attention to the theoretical principles with which it is supposed to conflict, or to be in fundamental agreement in spite of an appearance of discord. Nor would the theorist, who had formed his theories most carefully, be unwilling to admit the advantage of allowing due weight to the limiting conditions of practice in their application. Although, then, the question has presented itself to Parliament in a different shape, with different antecedents and surroundings, on different occasions, yet certain similar theoretical issues connected with the theory of rent have been brought into recent discussions on the practical relations of landlord and tenant; and, where the support of the theory has not been enlisted, its dismissal as erroneous or inapplicable has been persistently urged.
