DISTRIBUTION OF WEALTH 



extent that these marginal farmers are eliminated, 

 a higher grade of farmers will be found upon the 

 margin. These new marginal farmers will be 

 able to make a living for themselves and their 

 families and give a larger share of the gross 

 returns to the other factors than could the less 

 efficient competitors who have been crowded out. 

 The elimination of some of the farmers would 

 also relieve to some extent the pressure of compe- 

 tition. As a result of the lifting of the margin 

 to more efficient farmers and of this lessened com- 

 petition the returns to the marginal farmers will 

 tend to be adjusted to the minimum which the 

 standard of life of these marginal farmers makes 

 necessary to induce them to participate in agricul- 

 tural production. 



The share of the product which the more effi- 

 cient farmers are able to command will be taken 

 up later, since for the sake of simplicity, it has 

 been thought best to continue first the discussion 

 of the conditions and forces which regulate the 

 distribution of their gross product among the 

 grades of the factors which are brought together 

 on the margin, that is among the least efficient 

 farmers, and the least productive land in use and 

 the least productive grades of capital-goods. 



On the margin where the least productive of all 

 of the factors of production are brought together, 

 there is no chance for a differential return to be 

 commanded by any of the factors. There is no 



iS5 



