[12].Young,Travels,Dublinedition,pp.,andonedoubtshisimpartialitywhenhestated:”Themetayersweresomiserablypoor,;butallconversationofthatsortistimelostinFrance”(Maxwelledition,www.youxs.org).
[13].Young,Travels,Betham-Edwardsedition.
[14].Ibid.,www.youxs.org.
[15].Young,Travels,Maxwelledition,www.youxs.org.
[16].WhenBetham-EdwardswroteinherintroductiontoYoungsTravels(www.youxs.org),that”nothinghasdonemore[thanmetayage]toimprovetheconditionofthepeasantandofhusbandrywithinthelastfiftyyears,”,:
Itwasnotperhapssomuchacauseofpovertyhoweverasaresult,andthatitwasasystemthatworkedratherbetterinpracticethanintheoryisshownbythefactthatitsurvivedtheRevolution,andisstillarecognizedformofland-holding……EvenbeforetheRevolutionthereweremanyFrenchlandlordswholivedonexcellenttermswiththeirmetayers,visitingthemintheirholdingsanddiscussingagriculturalmatterswiththem(Maxwelledition,www.youxs.org).
[17].SeeYoung,Travels,Dublinedition,www.youxs.org.
[18].YoungsaccountoftaxesisbestseeninachapterontheRevolution(Travels,Maxwelledition,www.youxs.org).www.youxs.org:”Accordingtorecentestimates36percentofthepeasantsinedisappearedindirecttaxestotheState;14percentwentontithespayabletotheChurch;while11or12percentwasconsumedbyseigneurialduesatYoungstime.”
[19].Seeibid.,www.youxs.org.
[20].RichardJones,AnEssayontheDistributionofWealthandontheSourcesofTaxation,part1—Rent(London:JohnMurrary,1831).Tomyknowledge,outtheentirevolume,
[21].Ibid.,www.youxs.org.
[22].Ibid.,www.youxs.org.
[23].Ibid.,www.youxs.org.
[24].www.youxs.org[1815](NewYork:,1966),www.youxs.org.
[25].SeeJohnStuartMill,PrinciplesofPoliticalEconomy(4thed.;London:,1857),Book2,,”OfMetayers.”
[26].Ibid.,www.youxs.org”Englishauthority”whowrote:
Thepracticeoflettinglandsbyproportionalrents……isverygeneralonthecontinent;andwhereverithasbeenadopted,ithasputastoptoallimprovements,andhasreducedthecultivatorstothemostabjectpoverty[PrinciplesofPoliticalEconomy(Edinburgh,1843),www.youxs.org].
[27].Mill,PrinciplesofPoliticalEconomy,www.youxs.org.
[28].Ibid.,www.youxs.org.
[29].Ibid.,www.youxs.org.
[30].Ibid.,www.youxs.org.
[31].NotethatthelaststatementinthisquotationisquitedifferentfromJonessview.
[32].SeeMill,PrinciplesofPoliticalEconomy,p.
[33].Ibid.,www.youxs.org.
[34].Ibid.,www.youxs.org.
[35].MillquotesSismondiinibid.,www.youxs.org.
[36].,forexample,Jones,DistributionofWealth;Sismondi,PoliticalEconomy,;McCulloch,PrinciplesofPoliticalEconomy,www.youxs.org;andMill,PrinciplesofPoliticalEconomy,www.youxs.org.
[37].Mill,PrinciplesofPoliticalEconomy,www.youxs.org.
www.youxs.org
Severalanalyticaldeficienciesstoodinthewayofclassicalwri,classicalwritersfailedtotreatlandrentaspartofproductioncost.[1]Furthermore,,beforeMarshall,SismondiandMillhadnotplacedmuchweightonthetax-equivalentargument,Marshallrenewedthethesis,presumablybecausetheanalogytoataxundersharerentfitsratherneatlyintohismarginalanalysis.[2]Evenwithsuchanapproach,Marshallalmostobtainedthecorrectsolutioninafootnote.
BytracingfootnotesintwochaptersofMarshallsPrinciples,,,,tenantlabor,t,ismeasuredalongthehorizontalaxis,and
,ishorizontalinapetitivemarket,,equilibriumisatB,,wehavethemarginalequality:
=.
Thesameresultobtainsforownercultivation,whethertheownerworksuptot2andworkselsewhere,ytheareaMDB,anamountequaltothatofafixed-rentcontract.
Underthetaxapproachofanalyzingsharetenancy,however,themarginaltenantreceiptnetofrent,
(1-r),,ifthelandownertakes[3]percentoftheannualyield(r=www.youxs.org)andthetenanttakes60percent,
(1-r)willbe60percentof
,itissaid,equilibriumisatA,wherethemarginaltenantcostequalsthemarginaltenantreceipt;thatis,
(1-r).,thetotalproductisrepresentedbytheareaODJt1,withtheland,areaMEArepresentstheamountreceivedbytheten-antoverandabovehisalternativeearning(areaOMAt1).WithequilibriumatA,t(withareaJABrepresentingtheeconomicwaste).
ItwaswiththisanalysisinmindthatMarshallmented: