196 Professor Whewell on the Mathematical Exposition 



The main point in question is the manner in which wages, 

 profits and rents are affected by certain changes, and particularly 

 by certain taxes. One party, for instance, the followers of Mr. 

 Ricardo, &c. maintain that all taxes on the produce of land 

 are ultimately paid by the consumers: others, and especially 

 Mr. Thompson of Queen's College in this University, hold it 

 demonstrable that they fall principally upon the landlord. It 

 will easily be seen, that it is not now my business to adduce any 

 new arguments on one side or on the other: but to express in 

 mathematical language, so far as they ai'e capable of it, those 

 which each party has urged, and to point out where the divari- 

 cations occur by which they deviate so widely from each other. 



6. It is far from my present intention to write a mathematical 

 theory of Political Economy, or even of any complete branch 

 of it ; but it will be necessary to begin with one or two axioms 

 or definitions ; in whichever light they may be considered. And 

 first with regard to Rent, I shall premise the following principles: 



Axiom 1. Rent is the excess of the produce of the land 

 above the usual profits of the capital tchich is employed upon it. 



This is now the universally acknowledged measure of rent. 

 On the first promulgation of the doctrine, it was stated, that the 

 measure of rent was the excess of the produce of the soil above 

 the produce of the lowest soil permanently cultivated ; but this 

 enunciation of the principle has since been exchanged for the 

 more correct one, which has just been given. The excess above 

 the produce of the worst soil is a true measure when it coincides 

 with this one, as on the suppositions made by its proposers it 

 does, and it is true no farther. 



That the rent is the excess of the produce above the usual 

 profits of the capital is proved by this consideration. The tenant 

 being considered as a person who employs capital and lives on the 

 profits, his profits cannot be different from those of other capitalists. 



