The remaining quantity of the produce of the land, after the landlord and labourer are paid, necessarily belongs to the farmer, and constitutes the profits of his stock. But it may be alleged, that though as society advances, his proportion of the whole produce will be diminished, yet as it will rise in value, he, as well as the landlord and labourer, may, notwithstanding, receive a greater value.
It may be said for example, that when corn rose from 4l. to 10l., the 180 quarters obtained from the best land would sell for 1800l. instead of 720l.; and therefore, though the landlord and labourer be proved to have a greater value for rent and wages, still the value of the farmer's profit might also be augmented. This however is impossible, as I shall now endeavour to shew.
In the first place, the price of corn would rise only in proportion to the increased difficulty of growing it on land of a worse quality.
It has been already