which we found true under A—a rise of rents (3), and increased cost of labor to the capitalist, arising from an increased cost of laborers' subsistence and a fall of profits (2). The effect of a more rapid advance of improvements, at any one time, will temporarily better the condition of the laborers and also raise profits; but, if it is followed immediately by an increase of population, the land-owners will reap the benefits of the improvement in the rise of rent. The final result, then, is as follows:
(1.) Real wages, probably higher.
(2.) Profits fall.
(3.) Rents rise.
It is possible that a different combination from the above may sometimes occur in the causes which underlie the progress of society: (1.) There may be a period in which capital is increasing more rapidly than population, and when there seems to be an era of industrial improvements also. Then both wages and profits