518 Transactions. — Chemistry and Physics. 



If the distribution of C be uniform, f{x) = 0, so that — 



y = g + z- 



Integrating between suitable limits, — 



P=jo + R, 

 or E = P - p. 



This is the ordinary theory of rent, which seems always to be 

 deduced by placing the distribution of capital under a restric- 

 tion ; but this is more apparent than real, for C and C con- 

 tain both capital and labour, and to put them equal only 

 means that their joint effects are the same at all points, 

 though the distribution of capital may be extremely variable. 

 This agrees with observation. The less capital a man has to 

 work his land the harder he has to work to keep afloat. 



III. — Wages. 



P=R+I+ W, 

 = R+ P , 

 .-. "W=p-I=p-Gr. 



This shows that if the capital increases whilst p remains 

 constant the wages will fall, and that in new countries, where 

 p is large and C small, the wages should be large. 



"We have seen in I. that when r is constant C = C e rt . 

 Now, suppose I to have reached a constant value, then 

 C = C + It. The corresponding land-value will be — 



it 



V = V e c ' 

 The Malthusian theory states that population is kept down 

 by its pressure against production — that is, if n is the popula- 

 tion and w the demand of each. 



P = nw, 

 :. I = p - P = - R, 

 since nw = W. 



Similarly, if the law were p = nd we should get 1=0, which 

 is equally untrue and absurd. 



Let the coefficient of labour-saving devices (s) be mea- 

 sured by the production which can be done by unit labour 

 when using a labour-saving device. Then P = sN, where 

 N is the number of men required to do this production 

 with this coefficient. If we put R -f I = toP, where m is 

 some proper fraction, we have — 



P = viF + W = mP + nw ; 



or P = , 



l-m 



where n is the number of men available ; so that — 



N P 



w = ~(l — m)s = - (1 — m) 



