Ricardian Rent Theory Research Articles

Price pass‐through in the U.S. beef industry: Implications of feedlot capacity utilization

AbstractTransmission of prices, profits, and more generally, economic well‐being across vertically connected sectors of agriculture have a long history of interest—arguably of most current interest in meat and livestock markets. Disruptions in live animal harvesting, especially from COVID‐19, have corresponded with substantial market adjustment and hence elevated interest in inner‐industry relationships, including from policymakers. This paper's main contribution is assessing how price changes in the U.S. feedlot industry manifest in feeder cattle markets. We use Ricardian rent theory as a framework to quantify price transmission by testing how price fluctuations actually pass through the supply chain versus theoretical expectations. We posit that the capacity utilization of feedlots changes because of market shocks, impacting price relationships. In the empirical model, when feedlot capacity utilization rates are below the 65% critical point, we find that both fed to feeder cattle and corn to feeder cattle pass‐through rates are higher than hypothesized. When feedlot capacity utilization rates are high (>65%), estimated pass‐through rates are lower and not statistically different from Ricardian rent theory. Understanding how prices pass through in the beef industry can help inform policy discussions about beef market competitiveness and promote efficient resource allocation.

Теория ренты Рикардо в трактовке Зибера

The article deals with the Ricardian theory of rent as interpreted by one of the first Russian Marxists, Nikolai Sieber. Sieber made great efforts to popularize Marxʼs ideas in Russia. He believed it was his mission to make complex theoretical constructions of Marxism simpler and more understandable for the majority of readers. Sieber began his way to Marxism with the study and translation of the writings on classical political economy by D. Ricardo. Furthermore, Sieber’s texts focus on a wide range of opinions on land rent presented in the works of Russian and foreign economists of the XIX–XX centuries. This article also pays considerable attention to the political aspects of rent, which are perhaps crucial to the issue of rent. This is due to the fact that rent has been and remains an important tool for the redistribution of national income and, therefore, is an element of the political structure. Ricardian theory of rent came into being during the debate over high bread duties in England and was, in fact, an instrument of struggle against landowners who received rental super profits because of high grain prices. Subsequently, this theory was considered as a tool of struggle against the industrial bourgeoisie, which caused its fierce criticism from the apologists of the bourgeoisie.

Blue over Green? Defining Typologies of Rural Landowners Growing Blueberry in Place of Forests in Georgia, United States

Ricardian Rent Theory is typically used for analyzing land use change decisions of rural landowners. However, to the best of our knowledge no study focuses on the motivations of landowners for their land use change decisions in general and deforestation in particular. This information is important for southern Georgia, where more than 6,000 ha of evergreen forestland were moved into blueberry production between 2010 and 2017. We surveyed 34 family landowners who had moved to blueberry production to ascertain their motivations and analyzed the data using Q-methodology to categorize them into four typologies: Family Oriented landowners grow blueberry as a family legacy; Value Seeking landowners want higher value over time from their land; Environmental Cautious landowners grow blueberry for profit, but recognize a link between deforestation and blueberry expansion; finally, Profit Motivated landowners grow blueberry for higher profits in a short period and clearly recognize forestry as a long-term investment. The majority of surveyed blueberry farmers suggested that with appropriate financial incentives, they would practice forestry rather than higher risk blueberry farming. Our findings provide insights for policymakers in designing incentives for achieving sustainable land management and ensuring the multifunctionality of rural landscapes in Georgia and surrounding states facing similar issues.

Structural change in a Ricardian world economy: The role of extensive rent

We study an implication of the Ricardian theory of differential extensive rent in a free trade regime. To this effect we develop a Ricardian two country two commodity open economy model. We assume that, unlike labour, land is heterogeneous both within and across countries and that the ratio of high to low quality land is different among the trading countries. By means of a numerical example we show that as the process of worldwide capital accumulation (and population growth) proceeds an industrial country may find it convenient to increase its domestic corn production and even reverse completely the pattern of its imports and exports.

HENRY CAREY’S RURAL ROOTS, “SCIENTIFIC AGRICULTURE,” AND ECONOMIC DEVELOPMENT IN THE ANTEBELLUM NORTH

The American political economist Henry Charles Carey is generally thought of as a spokesman for industrialization due to his strident protectionism. In fact, his most original contributions came in his discussions of agriculture, the environment, and their relation to technological progress. Carey developed his ideas by drawing on the contemporary discourse of “scientific agriculture,” which enjoyed great influence, thanks to a widespread agricultural reform movement. This allowed him to argue effectively against Malthusian population doctrine and Ricardian rent theory by stressing the almost limitless potential of technological innovation, not only in manufactures but also in agriculture. Analogous views were also expressed by George Perkins Marsh, known today as the “father of conservationism,” indicating a broader contemporary engagement with questions of economic development and humanity’s relationship to nature, an engagement in some ways strikingly parallel to present-day concerns.

The Nexus Land-Use model version 1.0, an approach articulating biophysical potentials and economic dynamics to model competition for land-use

Abstract. Interactions between food demand, biomass energy and forest preservation are driving both food prices and land-use changes, regionally and globally. This study presents a new model called Nexus Land-Use version 1.0 which describes these interactions through a generic representation of agricultural intensification mechanisms within agricultural lands. The Nexus Land-Use model equations combine biophysics and economics into a single coherent framework to calculate crop yields, food prices, and resulting pasture and cropland areas within 12 regions inter-connected with each other by international trade. The representation of cropland and livestock production systems in each region relies on three components: (i) a biomass production function derived from the crop yield response function to inputs such as industrial fertilisers; (ii) a detailed representation of the livestock production system subdivided into an intensive and an extensive component, and (iii) a spatially explicit distribution of potential (maximal) crop yields prescribed from the Lund-Postdam-Jena global vegetation model for managed Land (LPJmL). The economic principles governing decisions about land-use and intensification are adapted from the Ricardian rent theory, assuming cost minimisation for farmers. In contrast to the other land-use models linking economy and biophysics, crops are aggregated as a representative product in calories and intensification for the representative crop is a non-linear function of chemical inputs. The model equations and parameter values are first described in details. Then, idealised scenarios exploring the impact of forest preservation policies or rising energy price on agricultural intensification are described, and their impacts on pasture and cropland areas are investigated.

The Nexus Land-Use Model, An Approach Articulating Biophysical Potentials and Economic Dynamics to Model Competition for Land-Uses

Interactions between food demand, biomass energy and forest preservation are driving both food prices and land-use changes, regionally and globally. This study presents a new model called Nexus Land-Use which describes these interactions through a generic representation of agricultural intensification mechanisms. The Nexus Land-Use model equations combine biophysics and economics into a single coherent framework to calculate crop yields, food prices, and resulting pasture and cropland areas within 12 regions inter-connected with each other by international trade. The representation of cropland and livestock production systems in each region relies on three components: (i) a biomass production function derived from the crop yield response function to inputs such as industrial fertilisers; (ii) a detailed representation of the livestock production system subdivided into an intensive and an extensive component, and (iii) a spatially explicit distribution of potential (maximal) crop yields prescribed from the Lund-Postdam-Jena global vegetation model for managed Land (LPJmL). The economic principles governing decisions about land-use and intensification are adapted from the Ricardian rent theory, assuming cost minimisation for farmers. The land-use modelling approach described in this paper entails several advantages. Firstly, it makes it possible to explore interactions among different types of demand for biomass for food and animal feed, in a consistent approach, including indirect effects on land-use change resulting from international trade. Secondly, yield variations induced by the possible expansion of croplands on less suitable marginal lands are modelled by using regional land area distributions of potential yields, and a calculated boundary between intensive and extensive production. The model equations and parameter values are first described in detail. Then, idealised scenarios exploring the impact of forest preservation policies or rising energy price on agricultural intensification are described, and their impacts on pasture and cropland areas are investigated.

Pass-through in United States beef cattle prices: a test of Ricardian rent theory

Feeder cattle are fattened to become fed live cattle 6 months later, and the feeder cattle stock is fixed in the short-run. Efficiency in competitive markets suggests feeder cattle prices should fully reflect feed prices and information on future fed cattle prices. Employing a long time series (1979–2004) of feeder cattle futures, live cattle futures, and local corn prices, we test whether complete pass-through occurs. For fed cattle futures prices, we find about 93% of complete pass-through to present feeder cattle prices. The corresponding negative effect of a corn price increase is about 87% of complete pass-through. In contrast with imperfectly competitive agricultural land rental markets, the results support the hypothesis of Ricardian rent extraction by the scarce asset owner in feeder cattle markets.

Opportunity costs and spectrum reform

PurposeThe purpose of this paper is to characterise opportunity cost associated with the development of spectrum.Design/methodology/approachDifferential Ricardian rent theory is used in the paper to explain the relationship between the development of spectrum along internal and external margins. Opportunity cost is introduced to characterise the link between spectrum and spectrum substitutes.FindingsThe study finds that workable strategies for spectrum reform require that economic externalities be internalised. Opportunity cost considerations can serve to improve spectrum management policy by justifying policy constraints and distribute the spectrum to the user with the best relative use.Research limitations/implicationsRicardian rent theory assumes that the “best” spectrum would be utilised first. In addition, there is no objective value‐based unit of spectrum and this limits the efficacy of Ricardo's theory.Practical implicationsThe paper provides a more coherent explanation spectrum development and the spectrum management reform process.Originality/valueThe study provides a model for policy makers to introduce incremental change in the advent of novel wireless technologies

13 Harris and His Anachronistic Attack

William Torrey Harris (1835-1909) is best known as an American educator, editor, and philosopher. He served as a teacher in, and superintendent of, St. Louis, Missouri, school system, and later as U.S. Commissioner of Education. He edited Appleton's International Education Series, Webster's New International Dictionary, and philosophy section of Johnson's Encyclopedia; he wrote numerous reports, papers and articles, and books. He was (with Emerson and Alcott) a founder of influential School of Philosophy in Concord, Massachusetts, founder and editor of Journal of Speculative Philosophy, and a promoter of Hegelian idealism. Yet, on several occasions, Harris took time from these activities to offer his critique of George's Progress and Poverty. (None of George's other works were discussed.) Harris believed that his basic arguments against George's ideas were never refuted. (1) Attack on Deductive Method It is not surprising that Harris emerged as a critic of George since, on matters of economic theory, Harris was a disciple of Henry C. Carey. (2) Carey was a critic of deductive method of analysis and Ricardian rent theory in particular. Further, his theory of income distribution was quite different from theories of classicists and George. (3) Carey's ideas provided foundation for Harris's critique. Harris's attack began in September 1886 in an address to Saratoga meeting of American Social Science Association. (4) The speech was important for several reasons. First, it pattern for all of his other attacks. Since Harris believed that his arguments were devastating and that they had not been refuted, he did little to revise them. Second, as Barker noted in his definitive biography of George, with this speech Harris became the most famous person to speak against [George] in this period. (5) After some preliminary remarks, Harris, following Carey, attacked all of classical economists, including George, for their use of deductive method of reasoning. Carey claimed that axioms of classicists (wealth-maximizing behavior, drives to reproduce, etc.) simply did not adequately represent actual human behavior. He also claimed that when classicists applied deductive logic to these inadequate axioms they inevitably got inadequate results. Further, he charged that classicists never detected flaws because their test of their theories' validity was logical consistency, not ability to explain and predict real world behavior. He maintained that if classicists ever tested their theories against actual data, they would have had to reject most of their theories. (6) Harris, in similar fashion, said that classicists failed because they set up principles for absolute ones which serve only for a nation of mere shopkeepers. (7) He too believed that empirical tests would lead to rejection of most of classical political economy. Carey felt that one of worst errors produced by classicists was Ricardian rent theory, a theory that postulated that most fertile land would be settled first and that margin of cultivation would then extend downward and outward as more land was needed. Carey said that historical evidence of England, home of most of classicists, revealed that reverse was true, namely, that first settlements were in hill country and that settlement extended to, not from, richer soil of river bottoms. (8) That pattern, insisted Carey, was quite general. Harris, in turn, argued that Ricardian view was obviously incorrect because, if best land had been settled first, lush Amazon basin would have been settled before most other parts of world. (9) In reiterating Carey's arguments, Harris apparently never realized that leading economists had refuted them twenty years before. John Stuart Mill reasoned that in areas of new settlement, in which labor and capital were scarce relative to land, people might not settle on land that would eventually prove to be most fertile if initial cultivation of that land required more capital and labor than cultivation of another plot that would eventually prove less fertile. …

The price of space: the convergence of value in use and value in exchange

This paper discusses concepts of value from the point of view of the user of the space and the counter view of the provider of the same. Land and property are factors of production. The value of the land flows from the use to which it is put, and that in turn, is dependent upon the demand (and supply) for the product or service that is produced/provided from that space. If there is a high demand for the product (at a fixed level of supply), the price will increase and the economic rent for the land/property will increase accordingly. This is the underlying paradigm of Ricardian rent theory where the supply of land is fixed and a single good is produced. In such a case the rent of land is wholly an economic rent. Economic theory generally distinguishes between two kinds of price, price of production or “value in use” (as determined by the labour theory of value), and market price or “value in exchange” (as determined by supply and demand). It is based on a coherent and consistent theory of value and price. Effectively the distinction is between what space is “worth” to an individual and that space’s price of exchange in the market place. In a perfect market where any individual has access to the same information as all others in the market, price and worth should coincide. However in a market where access to information is not uniform, and where different uses compete for the same space, it is more likely that the two figures will diverge. This paper argues that the traditional reliance of valuers to use methods of comparison to determine “price” has led to an artificial divergence of “value in use” and “value in exchange”, but now such comparisons are becoming more difficult due to the diversity of lettings in the market place, there will be a requirement to return to fundamentals and pay heed to the thought process of the user in assessing the worth of the space to be let.

Prices of Goods' and ‘Bads’: An Application of the Ricardian Theory of Differential Rent

Pollutants, wastes and scrap appear as joint products of consumption or production processes. Leontief and other authors extend input–output (IO) tables such that additional products and industries, respectively, account for pollutants and abatement activities; they also analyze the effects of pollution control policies, by means of traditional IO methods. This approach does not account for choice of technique and, therefore, neglects the possibility of substitution. This paper proposes to utilize Ricardo's theory of differential rent, which is based on the possibility of coexisting technical alternatives.

The Institutional Context of the MacroEconomy and Demand Management Policy: Comment on Cunningham and Vilasuso

The article by Steven R. Cunningham and Jon Vilasuso is a remarkable assemblage of empirical studies of certain technical relationships. The immediate implication of their study is the nonviability of conventional Keynesian and non-Keynesian (for example, monetarist) macroeconomic policy prescriptions. While no combination of empincal studies yields unequivocal conclusions, their findings are nonetheless both striking and worrisome: striking because of their direct conflict with the received theory of policy, and worrisome because of the implied loss of political control and consequent possibility of distasteful political repercussions. Ideology to the contrary notwithstanding, people do want the assurance that government will and can act to promote their interests. Although the elements of their argument are plain enough, certain larger implications ought to be identified. And there are some questions that need to be asked regarding their specific analyses. Institutional economists have long maintained that the economy is more than the market and that markets are the product of the institutions (power structure) that form and operate through them. This argument has generally, but not exclusively, been advanced in microeconomic resource-allocation contexts-holding that it is the institutions and not the market that allocate resources. Ricardian rent theory applies differently in institutional arrangements, which differ, in terms of who has claims to rent (understood as the sum

Marx, Jones, Rodbertus and the Theory of Absolute Rent

As is well-known, Karl Marx distinguished three types of rent. In addition to two categories of differential rent, closely related to the Ricardian extensive and intensive margins, he argued (against David Ricardo) that rent was paid on the least fertile land. For Marx this so-called “absolute rent” resulted from the barrier posed by landed property to the free movement of capital into agricultural production. Since the organic composition of capital was relatively low in agriculture, the prices of production of farm products were lower than their labor values. The existence of private property in land prevented the reduction of agricultural prices to these prices of production, and allowed the payment of rent even on what could be described, in Ricardian terms, as marginal land. There exists a sizeable literature on Marx's theory of absolute rent,1but there is no systematic account of its gestation and development. In this paper we explain how Marx's critique of Ricardian rent theory evolved between his first doubts early in 1851 and the articulation of a distinctive alternative analysis in the manuscripts of 1862–63. We also assess the influence exerted on Marx by Richard Jones and Johann Karl Rodbertus, and briefly discuss the significance of Marx's theory of absolute rent for his political economy as a whole.

Economic Policy and the True Believer: The Use of Ricardian Rent Theory in the Bombay Survey and Settlement System

The classical political economists, especially James Mill, had a major role in shaping British land tax policy in India. Only in Bombay Presidency did the men who administered the land tax share Mill's view of rent as the legitimate and appropriate source of revenue for government expenditure. These men created a land tax of considerable complexity in their desire to collect only a part of the rent from each field and thereby to foster economic development in the region. Even with their cadastral survey completed, however, they were compelled to use circumstantial evidence to determine whether any particular level of taxation was less than or greater than the rent. Agriculture in the Deccan and the Karnatak did improve after the implementation of the survey and settlement system, but available evidence suggests that rising prices for agricultural goods may have been as or more important than careful adherence to the finer points of Ricardian rent theory.

The Price of Oil: Main Interpretations and their Theoretical Background

Various interpretations have been put forward on the long-run movements of the price of crude oil, particularly in the attempt to explain its multifold increase in 1973-74. In evaluating the debate over a practical issue, much insight can be gained by looking at the theory underlying the various positions and comparing the interpretative power of contending approaches. Examining the theoretical background of various approaches permits isolating crucial factual assumptions or locating feeble links in the chain of reasoning. We consider first the common-sense explanation of the explosion in the price of oil based on its natural scarcity. Ultimately, this rests on the idea that price is determined by the interaction between demand and a given supply, with a marginalist treatment. Interestingly, a somehow analogous result-i.e., a long-run tendency to an increase in the real price of oil-can be derived from the Ricardian theory of rent. Another interpretation, advanced by Adelman, explicitly relies on a Marshallian background. A rival contention was presented by Frankel in 1946. The contrast focuses on the degree of competitiveness in the oil sector; Frankel's oligopoly thesis also emerged from a managerial approach developed by Penrose. Other views discussed include Chevalier's Marxian-Marshallian analysis and the work of Arab economists (Abdel-Fadil, Al-Chalabi) stressing the role of producing countries. This survey will leave us with a

: The Peasant and the Raj: Studies in Agrarian Society and Peasant Rebellion in Colonial India . Eric Stokes.

APPLIED ANTHROPOLOGY nature and pattern of village social, economic, and political life are thus of vital concern. One must note that, regarding rural development, no regime (not the Christian Democrats, Allende's Popular Unity, or the present dicta- torship) really allowed the campesi nos basic ini- tiatives. None have had faith in the ability of rural people. No leaders were truly committed to relinquishing that modicum of power to the torturable class, to use Graham Greene's memorable term . This is an essential book for students of Chile and anyone concerned with peasant life and rural proletariats in the development process. It is also an easily used reference and a model of scholarly achievement . The Peasant and the Raj: Studies in Agrarian Society and Peasant Rebellion in C.Olonial In- dia. Eric Stokes. Cambridge South Asian Studies, 23. New York: Cambridge University Press, 1978. viii + 308 pp. $27.50 (cloth). Karen Leonard University of California, Irvine Officials of the British East India Company sought to understand unfamiliar social and cul- tural systems, above all the system of land ten- ure, as they assumed administrative control of ever-larger portions of the Indian subcontinent from the late 18th century. It was certainly a problem in applied anthropology, one that pro- duced voluminous records and debates over issues both theoretical and practical. According to much of the historical literature, British mistakes in the assignment and collection of land revenue led to large-scale transfers of pro- prietary rights to land and helped provoke peas· ant uprisings, notably in the Rebellion of 1857 . Pointing to errors and overstatements in this lit- erature, Eric Stokes has turned to British settle· ment reports to attempt a reconstruction of the complex Indian agrarian systems and their functioning under colonial rule . Stokes is a historian. In this collection of 12 studies (all but one published previously in jour- nals and books in England, India, and the U.S. from 1967 to 1977), he formulates hypotheses relating secure agriculture to population den- sity, the various forms and functions of tenure, the degree of social and economic stratification, and participation in political processes. He tests his hypotheses in detailed case studies. Three examine particular North Indian districts dur· ing the 1857 rebellion; two trace the historical evolution of North Indian landholding and agriculture from 1860 to 1948; one focuses on moneylenders and peasants in central India; one tries to explain why tax-free (inam) tenure was least prevalent in northern India . The studies are densely written, demanding famil- iarity with 19th-century sociology, Indian rev- enue terms , and British legal categories. Stokes has couched his discussion in the terminology of 19th-century political economy, making his findings less comprehensible and useful for comparative purposes than they deserve to be . While the detailed studies will be of most in· terest to regional specialists, three general in· terpretive essays synthesize historical evidence and the views of other scholars in a very read- able and stimulating way. In one of these , Stokes assesses the impact of the first century of colonial rule; in another, he relates the 1857 Mutiny Rebellion to traditional resistance movements and Afro-Asian nationalism . The final essay, Return of the Peasant to South Asian History, is particularly fine , combining conclusions reached in his own detailed studies with wide-ranging and critical comments on current social-science work on peasant societies. In an earlier, perhaps the narrowest, chapter of the book, Stokes explores official efforts to apply Western legal categories to Indian social reality (the Ricardian rent theory vs. Richard Jones's theory of peasant rents); in this final essay, he is able to show the relevance of that early l 9th- century debate to neo-Marxist theories concern· ing the rich peasant and underdevelopment in rural India. His point is that theory has gotten ahead of empir ical inquiry, and he succeeds in demonstrating the need for fuller explication of the historical dimension of India's agrarian order.

The ‘New Political Economy’ and British Economic Policy for India*

Abstract. James Mill, as a high official of the East India Company, had the opportunity after 1819 to establish economic policy for India. In fact, James Mill's Utilitarian philosophy of government and his advocacy of Ricardian rent theory as the basis for revenue policies in India set the pattern for the development of modern India. Both James and John Stuart Mill (who succeeded his father with the company) defended the company against its critics, such as J. R. McCulloch and Richard Jones, who argued that the revenue policy was inhibiting economic development. Modern Indian institutions are an amalgamation of Benthamism, Fabian Socialism, and Brahminism.

Alfred Marshall's Lectures on Progress and Poverty

Previous articleNext article No AccessAlfred Marshall's Lectures on Progress and PovertyGeorge J. StiglerGeorge J. Stigler Search for more articles by this author PDFPDF PLUS Add to favoritesDownload CitationTrack CitationsPermissionsReprints Share onFacebookTwitterLinkedInRedditEmail SectionsMoreDetailsFiguresReferencesCited by The Journal of Law and Economics Volume 12, Number 1Apr., 1969 Sponsored by The University of Chicago Booth School of Business and The University of Chicago Law School Article DOIhttps://doi.org/10.1086/466665 Views: 18Total views on this site Citations: 28Citations are reported from Crossref Copyright 1969 The University of ChicagoPDF download Crossref reports the following articles citing this article:Steven G. Medema Between LSE and Cambridge: Accounting for Ronald Coase’s Fascination with Alfred Marshall, (Oct 2020): 231–268.https://doi.org/10.1007/978-3-030-53032-7_10Kristin L. Hoganson, Jay Sexton Introduction, (Jan 2020): 1–22.https://doi.org/10.1215/9781478007432-001 Fur Sealing and Unsettled Sovereignties, (Jan 2020): 25–45.https://doi.org/10.1215/9781478007432-002 Crossing the Rift, (Jan 2020): 46–65.https://doi.org/10.1215/9781478007432-003 “Our Indian Empire”, (Jan 2020): 69–92.https://doi.org/10.1215/9781478007432-004 Empire, Democracy, and Discipline, (Jan 2020): 93–111.https://doi.org/10.1215/9781478007432-005 Medicine to Drug, (Jan 2020): 112–131.https://doi.org/10.1215/9781478007432-006 One Service, Three Systems, Many Empires, (Jan 2020): 135–158.https://doi.org/10.1215/9781478007432-007 Transimperial Roots of American Anti-Imperialism, (Jan 2020): 159–182.https://doi.org/10.1215/9781478007432-008Oliver Charbonneau The Permeable South, (Jan 2020): 183–202.https://doi.org/10.1215/9781478007432-009Ikuko Asaka African American Migration and the Climatic Language of Anglophone Settler Colonialism, (Jan 2020): 205–221.https://doi.org/10.1215/9781478007432-010Julie Greene Entangled in Empires, (Jan 2020): 222–240.https://doi.org/10.1215/9781478007432-011Genevieve Clutario World War II and the Promise of Normalcy, (Jan 2020): 241–258.https://doi.org/10.1215/9781478007432-012Moon-Ho Jung Fighting John Bull and Uncle Sam, (Jan 2020): 261–280.https://doi.org/10.1215/9781478007432-013Margaret D. Jacobs Indigenous Child Removal and Transimperial Indigenous Women’s Activism Across Settler Colonial Nations in the Late Twentieth Century, (Jan 2020): 281–301.https://doi.org/10.1215/9781478007432-014 Bibliography, (Jan 2020): 303–333.https://doi.org/10.1215/9781478007432-015Michael V. White Searching for New Jerusalems: P.H. Wicksteed’s “Jevonian” critique of Marx’s Capital, The European Journal of the History of Economic Thought 25, no.55 (Nov 2018): 1113–1153.https://doi.org/10.1080/09672567.2018.1523938Ayman Reda Abundance and Scarcity: Neoclassical Economic Thought, (Dec 2017): 51–58.https://doi.org/10.1057/978-1-137-56825-0_5John K. Whitaker Marshall, Alfred (1842–1924), (Feb 2018): 8350–8375.https://doi.org/10.1057/978-1-349-95189-5_829NEIL B. NIMAN Henry George and the Intellectual Foundations of the Open Source Movement, American Journal of Economics and Sociology 70, no.44 (Sep 2011): 904–927.https://doi.org/10.1111/j.1536-7150.2011.00802.xJohn K. Whitaker Marshall, Alfred (1842–1924), (Mar 2017): 1–26.https://doi.org/10.1057/978-1-349-95121-5_829-2Rhead S. Bowman Population and Policy in Marshall's Economics, Journal of the History of Economic Thought 28, no.22 (Jun 2009): 199–219.https://doi.org/10.1080/10427710600676504AARON B. FULLER 10 Rae: A Journalist Out of His Depth, American Journal of Economics and Sociology 62, no.55 (Nov 2003): 199–210.https://doi.org/10.1111/j.0002-9246.2003.00260.xMark Blaug Henry George: rebel with a cause, The European Journal of the History of Economic Thought 7, no.22 (Jan 2011): 270–288.https://doi.org/10.1080/096725600361816Jensen Hans E. Dead Economists as Inspirators of Living Social Economists 1, Review of Social Economy 56, no.22 (Jun 1998): 119–135.https://doi.org/10.1080/00346769800000015Peter Groenewegen Neoclassical Value and Distribution Theory: The English-Speaking Pioneers, (Jan 1990): 13–58.https://doi.org/10.1007/978-94-009-2181-8_2John K. Whitaker Marshall, Alfred (1842–1924), (Oct 2016): 1–23.https://doi.org/10.1057/978-1-349-95121-5_829-1A R Prest Some Issues in Australian Land Taxation, Environment and Planning C: Government and Policy 3, no.11 (Mar 1985): 97–110.https://doi.org/10.1068/c030097

Rising Supply Price

Confusion in the discussion of the law of diminishing returns has mainly arisen from a failure to make clear what question is being discussed. When that has been decided the rest of the argument follows without difficulty. The classical analysis, which gave rise to the Ricardian theory of rent, dealt with the question of what happens when the supplies of labour and capital increase, and land remains fixed. This clearly has nothing to do with rising supply price for a particular commodity.' It belongs to the department of output as a whole. Then there is diminishing returns as it appears in the theory of employment. This is essentially a short-period problem-what happens to the prices of commodities in general when effective demand increases, organisation and capital resources being given, and the amount of employment being free to increase. This also belongs to the analysis of output as a whole. The problem of the long-period supply curve of a particular commodity belongs to the department of the theory of value, which treats of relative prices of commodities. Marshall's analysis appears to be a cross between the theory of value and the theory of output as a whole. For he seems most often to be discussing the problem of the change in the supply of a particular commodity which occurs in response to a net increase in demand. The demand for one commodity increases, but the demand for the rest does not decline. The additional factors, apart from land.