For Price Is Everywhere Regulated By The

Taxation Under Every Form Presents But A Choice Of Evils.

But A Tax On Luxuries Would No Other Effect Than To Raise Their Price. It Would Fall Wholly On The Consumer, And Could Neither Increase Wages Nor Lower Profits.

Possessing Utility, Commodities Derive Their Exchangeable Value From Two Sources: From Their Scarcity, And From The Quantity Of Labour Required To Obtain Them.

Labour, Like All Other Things Which Are Purchased And Sold, And Which May Be Increased Or Diminished In Quantity, Has Its Natural And Its Market Price. The Natural Price Of Labour Is That Price Which Is Necessary To Enable The Labourers, On With Another, To Subsist And To Perpetuate Their Race, Without Either Increase Or Diminution.

Whenever, Then, The Usual And Ordinary Rate Of The Profits Of Agricultural Stock, And All The Outgoings Belonging To The Cultivation Of Land, Are Together Equal To The Value Of The Whole Produce, There Can Be No Rent.