On cottier rents

Abstract

The word competition merely expresses the intensity of the effectual demand. Men compete for an object because they desire it, but they do not desire it because they compete for it. There are thus three points connected with the payment of rent which we must observe:?First, that the rent is caused by the demand for the monopolised agent; second, that this demand is carried into effect and so the rent is procured, by competition; third, that this rent so caused and so procured, is limited, as a general principle, and as nearly as may be, by the difference between the produce of the monopolised agent and the produce of unassisted industry.