PAGE

5. Profits do not depend on prices, nor on purchase and sale.... 399

6. The advances of the capitalist consist ultimately in wages of

labor .....

7. The rate of profit depends on the Cost of Labor..

Chapter XVI. Of Rent.

401

402

1. Rent the effect of a natural monopoly...

405

2. No land can pay rent except land of such quality or situation,

as exists in less quantity than the demand.......

405

4.

...

3. The rent of land consists of the excess of its return above

the return to the worst land in cultivation......

-or to the capital employed in the least advantageous cir-

cumstances

408

409

5. Is payment for capital sunk in the soil, rent, or profit?..

6. Rent does not enter into the cost of production of agricul-

tural produce

412

416

BOOK III

EXCHANGE

Chapter I. Of Value.

1. Preliminary remarks....

419

2. Definitions of Value in Use, Exchange Value, and Price.... 420

3. What is meant by general purchasing power....

4. Value a relative term. A general rise or fall of Values a con-

tradiction

421

423

5. The laws of Value, how modified in their application to retail

transactions

....

424

Chapter II. Of Demand and Supply, in their relation to Value.

I. Two conditions of Value: Utility, and Difficulty of Attain-

ment ....

2. Three kinds of Difficulty of Attainment.

3. Commodities which are absolutely limited in quantity...

4. Law of their value, the Equation of Demand and Supply.

5. Miscellaneous cases falling under this law...........

Chapter III. Of Cost of Production, in its relation to Value.

1. Commodities which are susceptible of indefinite multiplica-

tion without increase of cost. Law of their Value, Cost

of Production.....

426

428

429

430

432

434

2.- - operating through potential, but not actual, alterations of

supply ...

436

Chapter IV. Ultimate Analysis of Cost of Production.

1. Principal element in Cost of Production-Quantity of Labor. 440

2. Wages not an element in Cost of Production.....

442

-

3. except in so far as they vary from employment to em-

ployment

443

4. Profits an element in Cost of Production, in so far as they

5.

vary from employment to employment.

- or are spread over unequal lengths of time...........

6. Occasional elements in Cost of Production: taxes, and scarcity

value of materials...

Chapter V. Of Rent, in its Relation to Value.

1. Commodities which are susceptible of indefinite multiplication,

but not without increase of cost. Law of their Value,

Cost of Production in the most unfavorable existing cir-

cumstances

.....

PAGE

444

446

449

451

2. Such commodities, when produced in circumstances more

favorable, yield a rent equal to the difference of cost.... 454

3. Rent of mines and fisheries, and ground-rent of buildings... 456

4. Cases of extra profit analogous to rent..

458

CHOICE EXAMPLES OF BOOK ILLUMINATION.

Fac-similes from Illuminated Manuscripts and Illustrated Books of Early Date.

DESCENT OF THE HOLY GHOST.

This fac-simile is a page from a Livre d'Heures by Jacques de Brégilles, and was probably executed at Brussels in 1442.