（2。ii。6）Itisveryevident，thattheshareofthetwopartiesisthesubjectofabargainbetween
them；andifthereisabargain，itisnotdifficulttoseeonwhatthetermsofthebargainmust
depend。Allbargains，whenmadeinfreedom，aredeterminedbycompetition，andthetermsalter
accordingtothestateofsupplyanddemand。
（2。ii。7）Letusbeginbysupposingthatthereisacertainnumberofcapitalists，withacertain
quantityoffood，rawmaterial，andinstruments，ormachinery；thatthereisalsoacertainnumber
oflabourers；andthattheproportion，inwhichthecommoditiesproducedaredividedbetween
them，hasfixeditselfatsomeparticularpoint。
（2。ii。8）Letusnextsuppose，thatthelabourershaveincreasedinnumberonehalf，without
any
increaseinthequantityofcapital。Thereisthesamequantityoftherequisitesforthe
employmentoflabour；thatis，offood，tools，andmaterial，astherewasbefore；butforevery100
labourerstherearenow150。Therewillbe50men，therefore，indangerofbeingleftoutof
employment。Topreventtheirbeingleftoutofemploymenttheyhavebutoneresource；they
mustendeavourtosupplantthosewhohaveforestalledtheemployment；thatis，theymustoffer
toworkforasmallerreward。Wages，therefore，decline。
（2。ii。9）Ifwesuppose，ontheotherhand，thatthequantityofcapitalhasincreased，whilethe
numberoflabourersremainsthesame，theeffectwillbereversed。Thecapitalistshaveagreater
quantitythanbeforeofthemeansofemployment；ofcapital，inshort；fromwhichtheywishto
deriveadvantage。Toderivethisadvantagetheymusthavemorelabourers。Toobtainthem，they
alsohavebutoneresource，toofferhigherwages。Butthemastersbywhomthelabourersare
nowemployedareinthesamepredicament，andwillofcourseofferhighertoinducethemto
remain。Thiscompetitionisunavoidable，and。thenecessaryeffectofitisariseofwages。
（2。ii。10）Itthusappears，that，ifpopulationincreases，withoutanincreaseofcapital，wages
fall；
andthat，ifcapitalincreases，withoutanincreaseofpopulation，wagesrise。Itisevident，also，
thatifbothincrease，butonefasterthantheother，theeffectwillbethesameasiftheonehad
notincreasedatall，andtheotherhadmadeanincreaseequaltothedifference。Suppose，for
example，thatpopulationhasincreasedone—eighth，andcapitalone—eighth；thisisthesamething
asiftheyhadstoodstill，withregardtotheeffectuponlabour。Butsupposethat，inadditionto
theabove—mentionedone—eighth，populationbadincreasedanothereighth，theeffect，inthat
case，uponwages，wouldbethesameasifcapitalhadnotincreasedatall，andpopulationhad
increasedone—eighth。
（2。ii。11）Universally，then，wemayaffirm，that，otherthingsremainingthesame，iftheratio
whichcapitalandpopulationbeartooneanotherremainsthesame，wageswillremainthesame；
iftheratiowhichcapitalbearstopopulationincreases，wageswillrise；iftheratiowhich
populationbearstocapitalincreases，wageswillfall。
（2。ii。12）Fromthislaw，clearlyunderstood，itiseasytotracethecircumstanceswhich，inany
country，determinetheconditionofthegreatbodyofthepeople。Ifthatconditioniseasyand
comfortable，allthatisnecessarytokeepitso，is，tomakecapitalincreaseasfastaspopulation；
or，ontheotherhand，topreventpopulationfromincreasingfasterthancapital。Ifthatcondition
isnoteasyandcomfortable，itcanonlybemadeso，byoneoftwomethods；eitherbyquickening
therateatwhichcapitalincreases，orretardingtherateatwhichpopulationincreases；
augmenting，inshort，theratiowhichthemeansofemployingthepeoplebeartothenumberof
people。
（2。ii。13）Ifitwerethenaturaltendencyofcapitaltoincreasefasterthanpopulation，there
would
benodifficultyinpreservingaprosperousconditionofthepeople。If，ontheotherhand，itwere
thenaturaltendencyofpopulationtoincreasefasterthancapital，thedifficultywouldbevery
great。Therewouldbeaperpetualtendencyinwagestofall。Theprogressivefallofwageswould
produceagreaterandagreaterdegreeofpovertyamongthepeople，attendedwithitsinevitable
consequences，miseryandvice。Aspoverty，anditsconsequentmiseryincreased，mortality
wouldalsoincrease。Ofanumerousfamilyborn，acertainnumberonly，fromwantofthemeans
ofwell—being，wouldbereared。Bywhateverproportionthepopulationtendedtoincreasefaster
thancapital，suchaproportionofthosewhowerebornwoulddie：theratioofincreaseincapital
andpopulationwouldthenremainthesame，andthefallofwageswouldproceednofarther。
（2。ii。14）Thatpopulationhasatendencytoincreasefaster，than，inmostplaces，capitalhas
actuallyincreased，isproved，incontestably，bytheconditionofthepopulationinmostpartsof
theglobe。lnalmostallcountries，theconditionofthegreatbodyofthepeopleispoorand
miserable。Thiswouldhavebeenimpossible，ifcapitalhadincreasedfasterthanpopulation。In
thatcasewagesmusthaverisen；andhighwageswouldhaveplacedthelabourerabovethe
miseriesofwant。
（2。ii。15）Thisgeneralmiseryofmankindisafact，whichcanbeaccountedfor，uponone
onlyof
twosuppositions：eitherthatthereisanaturaltendencyinpopulationtoincreasefasterthan
capital，orthatcapitalhas，bysomemeans，beenpreventedfromincreasingsofastasithasa
tendencytoincrease。This，therefore，isaninquiryofthehighestimportance。
2。ProofofthetendencyofPopulationtoincreaserapidly（2。ii。16）Thenaturaltendencyofpopulationtoincreaseistobecollectedfromtwosetsof
circumstances；thephysiologicalconstitutionofthefemaleofthehumanspecies；andthe
statementsrespectingtherateofincreaseindifferentcountries。
（2。ii。17）Thefactsrespectingthephysiologicalconstitutionofthehumanfemalearewell
ascertained，andareindubitablegroundsofconclusion。Thestatementsrespectingtherateof
increaseindifferentcountrieswillbefoundtobe，eithersuppositionswithrespecttomattersof
fact，upontheconformityofwhichsuppositionstoanyrealmattersoffactwecanhaveno
assurance；orstatementsoffacts，ofsuchanature，asprovenothingwithregardtothepointsin
dispute。
（2。ii。18）Thatthepossiblerateofincreaseinthenumbersofmankinddependsuponthe
constitutionofthefemale，willnotbedisputed。Thefacts，whicharefullyascertainedinregard
tothefemaleofthehumanspecies，andtheinferenceswhichthesciencesofphysiologyand
comparativeanatomyenableustoderivefromtheanalogyofotheranimals，whoseanatomyand
physiologyresemblethoseofthehumanspecies，affordthemeansofverysatisfactory
conclusionsonthissubject。
（2。ii。19）Thefemalesofthosespeciesofanimals，whoseperiodandmodeofgestationare
similartothoseofthefemaleofourownspecies，andwhichbringforthoneatabirth，are
capable，whenplacedinthemostfavourablecircumstances，ofabirtheveryyear，fromthetime
whenthepowerofproducingbegins，tillthetimewhenitends，omittingoneyearnowandthen，
which，atthemost，amountstoaverysmallproportiononthewhole。
（2。ii。20）Thesucklingoftheinfant，inthecaseofthefemaleofthehumanspecies，if
continued
morethanthreemonths，hasatendencytopostponetheepochofconceptionbeyondtheperiod
ofayear。This，itistobeobserved，istheonlyphysiologicalpeculiaritywhichauthorizesan
inferenceofanydifferenceinthefrequencyofthebirthsinthecaseofthefemaleofthehuman
species，andinthatofthoseotherspeciestowhichwehavereferred。
（2。ii。21）Toreasoncorrectly，weshouldmakeanallowanceforthatpeculiarity。Letsuch
ample
allowancebemadeaswillincludeallinterruptions；letussaythatonebirthintwoyearsis
naturaltothefemaleofthehumanspecies。InEurope，towhichwemayatpresentconfineour
observations，theperiodofchildbearinginwomenextends，fromsixteenorseventeen，to
forty—five，yearsofage。Letusmakestillmoreallowance，andsayitextendsonlyfromtwentyto
forty
yearsofage。Inthatperiod，attheallowanceoftwoyearstoonebirth，thereistimeforten
births，whichmayberegardedasnotmorethanthenumbernaturaltothefemaleofthehuman
species。
（2。ii。22）Underfavourablecircumstances，themortalityamongchildrenisverysmall。
Mortality
amongthechildrenofverypoorpeopleisunavoidable，fromwantofthenecessarymeansof
health。Amongthechildrenofpeopleineasycircumstances，whoknowandpractisetherulesfor
thepreservationofhealth，themortalityissmall；andtherecanbenodoubt，that，undermore
skilfulmodesofmanagingthefood，andclothing，theair，theexercise，andeducationof
children，eventhismortalitywouldbegreatlydiminished。
（2。ii。23）Wemayconclude，therefore，that，inthemostfavourablecircumstances，tenbirths
are
themeasureoffecundityinthefemaleofthehumanspecies；andthatofthechildrenborna
smallproportionwoulddiebeforetheageofmaturity。Foroccasionalinstancesofbarrenness，
andforthissmalldegreeofmortality，letusmakemuchmorethanthenecessaryallowance，a
deductionofone—half；andsay，Thateveryhumanpair，unitedatanearlyage，commandingafull
supplyofthingsnecessaryforphysicalwelfare，exemptfromthenecessityofoppressivelabour，
andsufficientlyskilledtomakethebestuseoftheircircumstancesforpreventingdiseaseand
mortalityamongthemselvesandtheirchildren，would，onewithanother，rearfivechildren。If
thisisthecase，itisneedlesstoexhibitanaccuratecalculation，toshowthatpopulationwould
doubleitselfinsomemoderateportionofyears。Itisevident，atonce，thatitwoulddoubleitself
inasmallnumberofyears。
（2。ii。24）Tomeetaconclusionsowellestablishedasthis，recoursehasbeenhadtocertain
tables，
respectingpopulation，andrespectingbirthsanddeaths，invariouscountries。Thereasoningfrom
thesetablesevadesthepointindispute。Iknownotableswhichexhibitanything，evenifwe
givethem，whattheyneverdeserve，creditforexactness，exceptthemerefactwithregardtothe
stateofincrease。Theyshow，orpretendtoshow，whetheracertainpopulationisincreasingor
notincreasing；and，ifincreasing，atwhatrate。But，ifitappeared，fromsuchtables，thatthe
populationofeverycountryintheworldwerestationary，noman，capableofreasoning，would
infer，thatthehumanraceisincapableofincreasing。Everybodyknowsthefact，thatinthe
greaternumberofcountries，thepopulationisstationary，ornearlyso。Butwhatdoesthisprove，
solongaswearenotinformed，bywhatcausesitispreventedfromincreasing？Weknowwell，
thattherearetwocauses，bywhichitmaybepreventedfromincreasing，howgreatsoeverits
naturaltendencytoincrease。Theoneispoverty；underwhich，letthenumberbornbewhatit
may，allbutacertainnumberundergoaprematuredestruction。Theotherisprudence；bywhich
eithermarriagesaresparinglycontracted，orcareistakenthatchildren，beyondacertain
number，shallnotbethefruit。Itisuselesstoinformus，thatthereislittleornoincreaseof
populationincertaincountries，ifwereceivenot，atthesametime，accurateinformationofthe
degreeinwhichpoverty，orprudence，orothercauses，operatetopreventit。
（2。ii。25）Thatpopulation，therefore，hassuchatendencytoincreaseaswouldenableitto
double
itselfinasmallnumberofyears，isapropositionrestingonthestrongestevidence，which
nothingworththenameofevidencehasbeenbroughttocontrovert。
3。ProofthatcapitalhasalesstendencythanPopulationto
increaserapidly（2。ii。26）Wecomenexttoconsiderthetendencywhichcapitalmayhavetoincrease。Ifthat
shouldincreaseasfastaspopulation，alongwitheverylabourerproduced，themeansof
employmentandsubsistencewouldalsobeproduced；andnodegradationofthegreatbodyof
thepeoplewouldbetheconsequence。
（2。ii。27）Thoughitisfound，wherepropertyissecure，thatthereisaconsiderabledisposition
in
mankindtosave；sufficient，wherevastconsumptionisnotmadebythegovernment，andwhere
thedifficultiesofproductionarenotverygreat，tomakecapitalprogressive；thisdispositionis
stillsoweak，inalmostallthesituationsinwhichhumanbeingshaveeverbeenplaced，asto
maketheincreaseofcapitalslow。
（2。ii。28）Theannualproduceisalwaysdistributedinsuchamanner，that，eitherthegreat
bodyof
thepeopleareliberallyprovidedwithwhatisnecessaryforsubsistenceandenjoyment，whenof
courseasmallerportiongoestoswelltheincomesoftherich；or，thegreatbodyofthepeople
arereducedtomerenecessaries，whenthereisnaturallyaclassofpeoplewhoseincomesare
large。Tooneorotherofthesetwocasesthestateofeverycommunityapproximates。
（2。ii。29）1。Inthecase，inwhichthereisaclassreducedtonecessaries，andaclassofrich，it
is
evidentthatthefirsthavenotthemeansofsaving。Aclassofrichmen，inthemiddleofaclass
ofpoor，arenotapttosave。Thepossessionofalargefortunegenerallywhetstheappetitefor
immediateenjoyment。Andthemanwhoisalreadyinpossessionofafortune，yieldinghimall
theenjoymentswhichfortunecancommand，haslittleinducementtosave。Insuchastateofthe
socialorder，anyrapidincreaseofcapitalisopposedbycauseswhichareingeneralirresistible。
（2。ii。30）2。Wearenexttoconsiderthestateofthesocialorder，inwhichalargeshareofthe
annualproduceisdistributedamongthegreatbodyofthepeople。Inthatsituation，neitherthe
classwhichlabours，northatwhichismaintainedwithoutlabouring，hasanyforciblemotivesto
save。
（2。ii。31）Whenamanpossesses，whatwearenowsupposingpossessedbythegreatbodyof
the
people，food，clothing，lodging，andallotherthingssufficientnotonlyforcomfortable，but
pleasurableexistence，hepossessesthemeansofallthesubstantialenjoymentsofhumanlife。
Therestisinagreatmeasurefancy。Therearetwosetsofmen；one，inwhomthereasoning
powerisstrong，andwhoareabletoresistapresentpleasureforagreateronehereafter；another，
inwhomitisweak，andwhocanseldomresistthecharmofimmediateenjoyment。Ofcourse，it
isnotinthelatterclassthatthemotivetosavecanbeexpectedtoprevail。Theclass，ontheother
hand，inwhomreasonissufficientlystrongtoformadueestimateofpleasures，cannotfailto
perceivethatthosewhichtheycanobtainbyaddingpennytopenny，afteralltherationaldesires
aresatisfied，arenotequaltothepleasureswhich，inthecircumstanceswehavesupposed，they
mustrelinquishtoobtainthem。Boththehigherandthelowerprinciplesofournaturearein
suchcircumstancesopposedtoaccumulation。Sofar，astothestrengthofthemotivewhich，in
thesupposedcircumstances，canoperateuponthelabouringclass。
（2。ii。32）Whatremainsoftheannualproduce，aftertheshareofthelabouringclassis
deducted，
iseitherdistributedinlargeportionsamongasmallnumberofveryrichmen，oramongalarge
numberofmenofmoderatefortunes。
（2。ii。33）Wehavealreadyexaminedthestateofthemotivestoaccumulatewhenfortunesare
large；andhavefoundthatitnevercanbesuchastoproduceveryconsiderableeffects。Wehave
nowtoexaminethestateofthemotivestoaccumulate，inasociety，inwhichthereisagreat
numberofmoderatefortunes，withouttheprevalenceoflarge。Inthewayofphysicalenjoyment，
thesefortunesyieldeverythingwhichthelargestfortunescanbestow。Thereareonlytwo
motives，therefore，which，inthissituation，cancounteractthestrongtendencytoimmediate
enjoyment：eitherthedesireofacommandoverthesentimentsofmankind；orthewishtomake
aprovisionforchildren。
（2。ii。34）Thestrengthofthemotivetocommandbyrichesthefavourablesentimentsof
mankind
willdependupontheeffecttheyarecalculatedtoproduce。Thatisdifferent，indifferentstatesof
society。Inthestateofsociety，supposedinthepresentcase，menaredistributedintotwoclasses：
menofeasybutmoderatefortunes；andawellpaidbodyoflabourersandartisans。
（2。ii。35）Thefirstclass；menwithfortunesequaltoallthepurposesnotonlyof
independence，
andofphysicalenjoyment，butoftasteandelegance，andwhoatthesametimeconstitutethe
governingportionofsociety，givingthetonetoitssentimentsandamusements；arenotinthe
situationofmenwhoseimaginationsareapttobedazzledbytheglareofsuperiorriches。The
personsbelongingtothesecond，orlabouringclass，arecringingandservile，wherethefrownof
therichmanisterrible，andhislittlefavoursimportant：butwhentheyareplacedin
circumstanceswhichimpartthefeelingofindependence，andgivethemopportunityforthe
cultivationoftheirminds，theyarelittleaffectedbythesignsofwealth。This，therefore，isastate
ofsocietyinwhichthepossessionofgreatrichesgiveslittlecommandoverthesentimentsof
others，andcannotconstituteapowerfulmotiveforsaving。
（2。ii。36）Withrespecttotheprovisionforchildren，ifamanfeelsnogreatdesiretomakea
larger
thantheordinarymoderatefortuneforhimself，hefeelsaslittledesireattheleasttomakeitfor
hischildren。Theprovision，whichhedesirestomakeforthem，canonly，therefore，besuchasto
placetheminthesamesituationwhich，isheldbyhimself。Hewillbeanxioustoaffordtothem
thesamemeansforbeginninglifeadvantageously，aswereafforded，orwouldhavebeen
desirable，tohimself。Tothisextentthedesireofmakingaprovisionforchildrenmightbe
expectedtobeverygeneral，anditwouldensureacertainmoderateincreaseofcapital。Thismay
thereforebeconsidered，as，perhaps，themostfavourablestateofsocietyforaccumulation；with
theexceptionofthosecasesinwhichcolonists，withalltheknowledgeandpowerofcivilized
life，aretransportedintoacountryuninhabited，ornearlyso，andhavethepowerofcultivating
withoutlimitthemost，productivespeciesofland。Thesearecoincidencessoextraordinary，and
sorare，that，intracingthegenerallawsofhumansociety，itisonlynecessarytoshowthatthey
arenotforgotten。
（2。ii。37）Theseconsiderationsseemtoprovethatmorethanmoderateeffectscanrarelyflow
fromthemotives，toaccumulation。Buttheproof，thatpopulationhasatendencytoincrease
fasterthancapital，doesnotdependuponthisfoundation，strongasitis。Thetendencyof
populationtoincrease，whateveritmaybe，isatanyrateanequabletendency。Atwhatrate
soeverithasincreasedatanyonetime，itmaybeexpectedtoincreaseatanequalrate，ifplaced
inequallyfavourablecircumstances，atanyothertime。Thecasewithcapitalisthereverse。
（2。ii。38）Whether，afterlandofsuperiorqualityhasbeenexhausted，capitalisappliedtonew
landofinferiorquality，orinsuccessivedoseswithdiminishedreturnsuponthesameland，the
produceofitiscontinuallydiminishinginproportiontoitsincrease。Itthereturntocapitalis，
however，continuallydecreasing，theannualfund，fromwhichsavingsaremade，iscontinually
diminishing。Thedifficultyofmakingsavingsisthuscontinuallyaugmented，andatlastthey
musttotallycease。
（2。ii。39）Itthussufficientlyappears，thatthereisatendencyinpopulationtoincreasefaster
than
capital。Ifthisbeestablished，itisofnoconsequencetothepresentpurposetoinquireaboutthe
rapidityoftheincrease。Howslowsoevertheincreaseofpopulation，providedthatofcapitalis
stillslower，wageswillbereducedsolowthataportionofthepopulationwillregularlydieof
want。Neithercanthisdreadfulconsequencebeavertedotherwisethanbytheuseofmeansto
preventtheincreaseofcapitalfromfallingshortofthatofpopulation。
4。Thatforciblemeansemployedtomakecapitalincrease
fasterthanitsnaturaltendencywouldnotproducedesirableeffects（2。ii。40）Therearetwomodesinwhichartificialmeansmaybeemployedtomakepopulation
andcapitalkeeppacetogether：expedientsmaybesought，eithertorestrainthetendencyof
populationtoincrease；ortoacceleratebeyonditsnaturalpacetheincreaseofcapital。
（2。ii。41）Theprincipalmeans，bywhichlegislatureshaveitintheirpowertoalterthecourse
of
humanactions，isbyrewardsandpunishments。Neitherisveryapplicabletothepurposeof
counteractingthetendencyinthehumanspeciestomultiply。Supposealawwereproposedfor
annexingpenaltiestothefatherandmotherofachild，thecircumstancesofwhomwere
inadequatetoitsmaintenance；itwouldnotbeeasytofindamodeofpunishing，whichwouldbe
equaltotheeffect，withoutproducingalmostasmuchuneasinessinsocietyasthatwhichit
wouldproposetoremedy：neitherwoulditbeverypossibletoascertainanddefinethestateof
circumstanceswhichis，andthatwhichisnot，adequatetothemaintenanceofone，ortwo，or
anyothernumberofchildren。Toapplyrewardstothecaseofnothavinganychildren，insucha
mannerastooperateusefullyupontheprincipleofpopulation，wouldbestillmoredifficult。
（2。ii。42）Legislation，incasesilladaptedtoitsdirect，cansometimesproduceconsiderable
effectsbyitsindirectoperation；aswhenadesire，whichgratifiesitselfinahurtfulcourseof
action，andcannoteasilybecounteractedbyrewardandpunishment，isdrawntogratifyitselfin
alesshurtfuloraninnocentdirection。Iflegislatureshavetakenmeasures，astheyveryoften
havedone，sometimesbydirect，morefrequentlybyindirectmeans，tostimulatetheprincipleof
population，suchmischievouslegislationmaybecorrected。
（2。ii。43）Thepowerfulagencyofthepopularsanctionmightinthis，asinothercases，be
turned
togreataccount。Ifanintensedegreeofdisapprobationweredirecteduponthemen，who，by
theirfolly，involvedthemselves，throughagreatfamily，inpovertyanddependence；of
approbationuponthosewho，bytheirselfcommand，preservedthemselvesfromthismiseryand
degradation，muchofthisfollywouldunquestionablybeprevented。
（2。ii。44）Theresulttobeaimedatis，tosecuretothegreatbodyofthepeopleallthe
happiness
whichiscapableofbeingderivedfromthematrimonialunion，withouttheevilswhichatoo
rapidincreaseoftheirnumbersinvolves。Theprogressoflegislation，theimprovementofthe
educationofthepeople，andthedecayofsuperstition，will，intime，itmaybehoped，accomplish
thedifficulttaskofreconcilingtheseimportantobjects。
（2。ii。45）Sucharethemodesinwhichlegislationcanweakenthetendencyinpopulationto
increase。Itremainstoinquirebywhatmeansitcanstrengthenthetendencyincapitalto
increase。Theseare，also，directandindirect。Asthelegislature，ifskilful，hasgreatpowerover
thetastesofthecommunity，itmaycontributetorenderfrugalityfashionable，andexpense
disgraceful。Thelegislaturemayalsoproducethatdistributionofpropertywhichexperience
showstobethemostfavourabletosaving。Sumptuarylawshavebeenadoptedinseveral
countries；butitisnoteasytocontrivesumptuarylaws，theeffectofwhichwouldbevery
considerable，withoutaminuteandvexatiousinterferencewiththeordinarybusinessoflife。
（2。ii。46）Thereiscertainlyonecoursebywhichthelegislaturemightproduceconsiderable
effectsupontheaccumulationofcapital；becauseitmightlayholdofanyportionwhichit
pleasedofthenetproduceoftheyear，andconvertitintocapital。Wehaveonly，therefore，to
inquire，inwhatmannerthiscouldbeperformed，andwhateffectsitwouldproduce。
（2。ii。47）Themodeoftakingwhateverportionitmightfindexpedient，isobviousandsimple。
An
incometax，oftheproperamount，wouldeffectuallyanswerthepurpose。
（2。ii。48）Thelegislaturemightemploythecapital，thusforciblycreated，inoneorotherof
two
ways。itmightlendittobeemployedbyothers：oritmightretaintheemploymentinitsown
hands。
（2。ii。49）Thesimplestmode，perhaps，wouldbe，tolendittothosemanufacturersand
capitalists
whomightapplyforit，andcouldgivesecurityfortherepayment。Theinterestofwhatwasthus
laidoutinoneyearmightbeemployedascapitalthenext。Everyannualportionwouldthus
makecompoundinterest，and，solongasinterestremainedprettyhigh，woulddoubleitselfina
smallnumberofyears。Ifwagesappearedlikelytofall，ahigherincometaxwouldberequired。
Ifwagesrosehigherthanseemedtobenecessaryforthemostdesirableconditionofthe
labourer，theincometaxmightbereduced。
（2。ii。50）Withoutwaitingtoinquire，whetheramachinery，capableofproducingthese
effects，be
orbenotpracticable，wemayproceedtoanotherconsideration，whichseemscalculatedto
decidethemeritsofthescheme。
（2。ii。51）Accordingtotheprogressabovesupposed，theincreaseofpopulationwouldbe
rapid。
Theprogresswouldalsoberapid，intheapplicationofcapitaltolandofaworseandworse
quality，orindosesattendedwithalessandlessreturn。
（2。ii。52）Inproportionascapitalisattendedwithlessandlessofannualreturn，the，owners
of
capitalhavelessandlessincome。Iftheincomefromcapitalbecontinuallydiminished，in
processoftimenonebuttheownersoflargemassesofcapitalwillderivefromitthemeansof
existence。Thisistheextremestateofthingstowhichtheoperationofthescheme，supposingit
notimpracticable，certainlytends。
（2。ii。53）Itremainstoinquirehowfartheseeffectsarebeconsideredasgood。
（2。ii。54）Letussupposethatthecommandofthelaboureroverthearticlesofhis
consumption
remainsunaltered。Thosewhodonotsubsistbythewagesoflabour，liveeitherupontheproduce
ofstock，orupontherentofland。Inthecasesupposed，thetendencyis，toimpoverishthosewho
liveupontheproduceofstock；buttoincreasetherentofland。Withtheexceptionoftheowners
ofland，alltherestofthecommunitywouldbeeitherlabourers，orcapitalistsalmostequally
poor。Asoftenaslandwereofferedtosale，agreatamountofcapitalwouldofcoursebegiven
forit；nobody，therefore，wouldbeabletobuymorethanaverylimitedportion。
（2。ii。55）Inthisstateofthings，salesoflandwouldeitherbefrequent，ortheywouldberare。
Itis
necessarytoconsiderwhatwouldbetheeffectsineithercase。
（2。ii。56）Theeffectswhichwouldariseinthecaseinwhichthesalesoflandwouldberare，
are
simple。Theownersoflandwouldbeacomparativelysmallnumberofrichpeople，inthemidst
ofapopulation，allequally，andhopelessly，poor。Thatthereisscarcelyanystateofsocietyless
conducivetohumanhappiness，weneednotherespendanytimetoprove。
（2。ii。57）Ifsaleswenton，itbeingthenatureofland，asofotherproperty，tochangehands
continually，thewholelandwouldbedivided，atlast，intoverysmallportions；coveredbya
densepopulation，noportionofwhomwouldbeincircumstancesmuchbetterthanthoseofthe
labourer。Isthis，initself，adesirablestateofthings？Isiteitherfollowedorprecededbya
desirablestateofthings？
（2。ii。58）Whenanyofthoseaccidentsoccurbywhichtheannualproduceisforoneyear，ora
fewyears，reducedconsiderablybelowtheusualstandard，inacountryinwhichaconsiderable
proportionofthepeoplehavebetterincomesthanthosewholiveuponwages，considerable
savingsmaybemadefromtheirexpenditure，tomitigatetheeffectsofthedeficiency。Ina
countryinwhichallwerereducedtothestateofwages，anyconsiderablediminutionoftheusual
supplywoulddiffusegeneral，irremediablecalamity。
（2。ii。59）Alltheblessings，whichflowfromthatgrandanddistinguishingattributeofour
nature，
itsprogressiveness，thepowerofadvancingcontinuallyfromonedegreeofknowledge，one
degreeofcommandoverthemeansofhappiness，toanother，seem，inagreatmeasure，todepend
upontheexistenceofaclassofmenwhohavetheirtimeattheircommand；thatis，whoarerich
enoughtobefreedfromallsolicitudewithrespecttothemeansoflivinginacertainstateof
enjoyment。Itisbythisclassofmenthatknowledgeiscultivatedandenlarged；itisalsobythis
classthatitisdiffused；itisthisclassofmenwhosechildrenreceivethebesteducation，andare
preparedforallthehigherandmoredelicatefunctionsofsociety，aslegislators，judges，
administratorsteachers，inventorsinallthearts，andsuperintendentsinallthemoreimportant
works，bywhichthedominionofthehumanspeciesisextendedoverthepowersofnature。
（2。ii。60）Itisalso，inapeculiarmanner，thebusinessofthosewhoseobjectitistoascertain
the
meansofraisinghumanhappinesstoitsgreatestheight，toconsider，whatisthatclassofmenby
whomthegreatesthappinessisenjoyed。Itwillnotprobablybedisputed，thattheywhoare
raisedabovesolicitudeforthemeansofsubsistenceandrespectability，withoutbeingexposedto
thevicesandfolliesofgreatriches，themenofmiddlingfortunes，inshort，thementowhom
societyisgenerallyindebtedforitsgreatestimprovements，arethemen，who，havingtheirtime
attheirowndisposal，freedfromthenecessityofmanuallabour，subjecttonoman’sauthority，
andengagedinthemostdelightfuloccupations，obtain，asaclass，thegreatestsumofhuman
enjoyment。Forthehappiness，therefore，aswellastheornamentofournature，itispeculiarly
desirablethataclassofthisdescriptionshouldformaslargeaproportionofeachcommunityas
possible。Forthispurposeitisabsolutelynecessarythatpopulationshouldnot，byaforced
accumulationofcapital，bemadetogoon，tillthereturntocapitalfromthelandisverysmall。
Toenableaconsiderableportionofthecommunitytoenjoytheadvantagesofleisure，thereturn
tocapitalmustevidentlybelarge。Thereisacertaindensityofpopulationwhichisconvenient，
bothforsocialintercourse，andforthatcombinationofpowersbywhichtheproduceoflabouris
increased。Whentheseadvantages，however，areattained，thereseemslittlereasontowishthat
populationshouldproceedanyfurther。Ifitdoesproceedfurther，insteadofincreasingthenet
revenuederivedfrom*thelandandlabourofthecountry，orthatportionoftheannualProduce
whichexceedswhatisnecessaryforreplacingthecapitalconsumed，andmaintainingthe
labourers，itlessensthatimportantfund，onthelargenessofwhichthehappinessofsocietytoa
greatdegreedepends。
（2。ii。61）Ifwemay，thus，infer，thathumanhappinesscannotbesecuredbytakingforcible
methodstomakecapitalincreaseasfastaspopulation；andif，ontheotherhand，itiscertain，
thatwherebirthstakeplace，morenumerousthanarerequiredtoupholdapopulation
correspondingtothestateofcapital，humanhappinessisimpaired，itisimmediatelyseen，that
thegrandpracticalproblemis，Tofindthemeansoflimitingthenumberofbirths。Ithasalso
appeared，that，beyondacertainstateofdensityinthepopulation，suchastoaffordinperfection
thebenefitsofsocialintercourse，andofcombinedlabour，itisnotdesirablethatpopulation
shouldincrease。The—preciseproblem，therefore，is，tofindthemeansoflimitingbirthstothat
numberwhichisnecessarytokeepupthepopulation，withoutincreasingit。Werethat
accomplished，whilethereturntocapitalfromthelandwasyethigh，therewardofthelabourer
wouldbeample，andalargesurpluswouldstillremain。Ifthenaturallawsofdistributionwere
allowedtooperatefreely，thegreaterpartofthisnetproducewouldfinditsway，inmoderate
portions，intothehandsofanumerousclassofpersons，exemptfromthenecessityoflabour，and
placedinthemostfavourablecircumstancesbothfortheenjoymentofhappiness，andforthe
highestintellectualandmoralattainments。
（2。ii。62）Wehaveyettomention，thatgovernment，insteadoflending，mayitselfemploythe
capitalwhichitforciblycreates。Itisevident，however，thatwhethergovernmentemploysthis
capital，orlendsittobeemployedbyothers，alltheeffects，whichwehavetraceditsarising
necessarilyfromitsincrease，willbe，thesame。Thebestmode，perhaps，whichcouldbe
inventedforemploying，bygovernmentitself，aportionoftheannualproduce，forciblytaken
fromtheowners，toacceleratethegrowthofcapital，wouldbethatwhichhasbeensoearnestly
presseduponthepublicattentionbyMr。Owen，ofNewLanark。Mr。Owenproposes，thatthe
portionoftheannualproducethusconvertedintocapitalshouldbeemployedbygovernmentin
makingcertainestablishments；eachofamixednature，partlyforagricultural，partlyfor
manufacturingindustry；inerectingthehouses，inprovidingtheinstrumentsormachinery，the
previoussubsistence，andrawmaterialswhichmightberequired。Intheseestablishments，Mr。
Owenisofopinionthatlabourmightbeemployedundergreatadvantages，andwithunexampled
meansoffelicitytotheindividualsemployed。Mr。Owen，however，mustintendoneoftwo
things；—eitherthatpopulationshouldgoon，orthatitshouldstop。Ifitistogoon，capitalof
courseholdingpacewithit，alltheevilswhichwould，asabove，resultfromtheforcibleincrease
ofcapital，whenlentbygovernment，wouldresultfromitsforcibleincrease，whenemployedin
thoseestablishments。IfMr。Owenmeansthatpopulationshouldnotgoon，andifexpedientscan
beemployedtolimitsufficientlythenumberofbirths，thereisnooccasionforthese
establishments，stilllessfortheforcibleandpainfulabductionofapartoftheirincomefromthe
people。Thelimitationofthenumberofbirths，byraisingwages，willaccomplisheverything
whichwedesire，withouttroubleandwithoutinterference。Thelimitationofthenumbers，ifthat
objectcanbeattained，maybecarriedsofarasnotonlytoraisetheconditionofthelabourerto
anystateofcomfortandenjoymentwhichmaybedesired，buttoprevententirelythe
accumulationofcapital。
SectionIII。Profits（2。iii。1）Whenitisestablished，thatthewholeoftheannualproduceisdistributedasrent，
wages
oflabour，andprofitsofstock；andwhenwehaveascertainedwhatregulatestheportionwhich
goestorent，andwhattheportionwhichgoestowages，thequestionisalsodeterminedwith
regardtoprofitsofstock；foritisevidentthattheportionwhichremainsisprofits。
（2。iii。2）Fromprecedingexpositions，itappears，thatrentissomethingaltogetherextraneous
to
whatmaybeconsideredasthereturntotheproductiveoperationsofcapitalandlabour。Assoon
asitisnecessarytoapplycapitaltolandofaninferiorquality，oruponthesamelandtoapplya
furtherdoseofcapitalwithinferiorreturn，allthatisyielded，morethanthisinferiorreturn，isas
ifitdidnotexist，withrespecttothecapitalistandlabourer。Whateverisyieldedbeyondthis
lowestreturn，eitheronparticularspotsofground，ortoparticularportionsofcapital，mightbe
annihilated，themomentitisproduced，withoutaffectingtheportionwhichgoestoeitherof
thosetwoclasses。Assoonasanewportionofcapitalisemployedwithinferiorreturn，thecase
wouldbethesame，iftheproductivepowersofallthecapitalemployeduponthelandwere
reducedtothisinferiorreturn，andaquantityofproduce，equaltotheadditionalreturn，which
usedtobemade，totheformerportionsofcapital，were，bymiracle，raineddownfromheaven
uponthepossessorsofthelandwhichyieldedit。
（2。iii。3）Theportion，whichgoes，intheshapeofrent，tothelandlord，andwhichisanexcess
beyondthereturnmadetothewholeofthecapitalandlabouremployedupontheland，is，in
fact，theresultofanaccident。Supposethatallthelandcultivatedinthecountrywereofone
uniformquality，andyieldedthesamereturntoeveryportionofthecapitalemployeduponit，
withtheexceptionofoneacre。Thatacre，weshallsuppose，yieldssixtimesasmuchasany
otheracre。Whatwouldbeproduceduponalltheotheracres，mightjustlyberegardedasthe
returnmadetothelabourandcapitalemployedupontheland；andthewholeofthatreturn。The
additionalfive—sixths，accruingfromthesingularacre，wouldnotbeconsideredasreturnmade
tolabourandcapital；itwouldbeconsideredastheaccidentalproductofaparticularvirtuein
thatparticularspot。Butwhatistrueofthissingleacreisequallytrueofanynumberofacres，as
soonasthateventoccurswhichdiminishesthereturntoanyportionofcapital，andinducesall
theownersofcapitaltolimittheirprofitstothemeasureofthatdiminishedreturn。
（2。iii。4）Ifthereisanyportionofcapital，employedupontheland，whichpaysnorent，itis
evidentthatthewagesandprofits，inthatcase，mustregulatethewagesandprofitsinother
cases。
（2。iii。5）Itthusfullyappears，thatnothingcanbeconsideredastheproduceofthejoint
operationsofcapitalandlabourupontheland，beyondthereturntothatportionofcapitalwhich
isappliedwithoutpayinganyrent，whichreturnmeasuresthequantityoftheproduceallowedto
remain，aftertherentisdeducted，asthereturntoalltheotherportionsoflabourandcapital
employedupontheland。Thewholeofthattherefore，whichcanbeconsideredasthereal
productoflabourandcapital，remainstobesharedbetweenthelabourerandcapitalist，afterthe
rentiswithdrawn。Itfollowsthat，inconsideringwhatregulateswagesandprofits，rentmaybe
leftaltogetheroutofthequestion。Rentistheeffect，andnotthecause，ofthediminished
producewhichthecapitalistsandlabourershavetodividebetweenthem。
（2。iii。6）Whenanythingistobedividedwhollybetweentwoparties，thatwhichregulates
the
shareofone，regulatesalso，itisveryevident，theshareoftheother；forwhateveriswithheld
fromtheone，theotherreceives；whatever，therefore，increasestheshareoftheonediminishes
thatoftheother，andviceversa。Wemight，therefore，withequalpropriety，itshouldseem，
affirmthatwagesdetermineprofits，orthatprofitsdeterminewages；and，inframingour
language，assumewhicheverwepleased，astheregulatororstandard。
（2。iii。7）Aswehaveseen，however，thattheregulationofthesharesbetweenthecapitalist
and
labourerdependsupontherelativeabundanceofpopulationandcapital，andthatpopulation，as
comparedwithcapital，hasatendencytosuperabound，theactiveprincipleofchangeisonthe
sideofpopulation，andconstitutesareasonforconsideringpopulation，andconsequentlywages，
astheregulator。
（2。iii。8）As，therefore，theprofitsofstockdependupontheshare，whichisreceivedbyits
owners，ofthejointproduceoflabourandstock；profitsofstockdependuponwages；riseas
wagesfall，andfallaswagesrise。
（2。iii。9）Inspeakingoftheproducewhichissharedbetweenthecapitalistandlabourer，itis
propertoexplain，thatIalwaysmeansuchnetproduceasremainsafterreplacingthecapital
whichhasbeenconsumed。As，instatingtheconstituentsofprice，wesaythatacommoditymust
fetchinthemarketavalueequaltothreethings：1st，tothecapitalwhichhasbeenconsumedin
itsproduction；2dly，totheordinaryprofitsofstockuponthecapitalemployed；and，3dly，tothe
wagesofthelabour；soinspeakingoftheportionsintowhich，astheproducetobeshared，the
commodityorcommodity’sworthistobeconsideredasdividingitself，wemustsetapartthe
portion，alwaysadeterminateamount，whichisforthecapitalconsumed，andwhichisdistinct
bothfromprofitsandfromwages。Thus，ifintheproductionofacommodity，whichsellsfor100
l。capitaltotheamountof50l。hasbeenconsumed，50l。isthatwhichistobedividedbetween
thecapitalistandlabourer，asprofitstotheone，andwagestotheother。
（2。iii。10）Thetermsalterationofwages，alterationofprofits，aresusceptibleofvarious
meanings，towhichitisnecessarytoadvert。
（2。iii。11）1。If，byalteration，ismeant，achangeintheproportions，itisevidentthatan
alteration
ofoneshareimpliesanalterationoftheother；andthepropositionthatprofitsdependupon
wages，admitsofnoqualification。
（2。iii。12）2。Ifachangeinthequantityofcommoditiesismeant，itwillnotbetrue，inthat
sense，
thatprofitssodependuponwages，astofallwhenwagesrise，andrisewhenwagesfall；forboth
mayfall，andbothmayrise，together。Andthisisapropositionwhichnopoliticaleconomisthas
calledinquestion。Ifthepowersofproductionareeitherincreasedordiminished，therewill，in
theonecase，bemore，intheotherless，todivide。Theproportionsremainingthesame，both
wagesandprofitswill，intheonecase，beraised，intheother，depressed。
（2。iii。13）Thetermsmayhaveanothermeaningstill。Whenachangeinwagesandprofitsis
spokenof，itmaybethevalueofwhatisreceivedunderthesedenominations，whichismeantto
beindicated。
（2。iii。14）Toperceivewhatmay，andwhatmaynot，betrulypredicatedorspokenofthe
termsin
thissense，itisnecessarytoadverttoadoublemeaningofthewordvalue。
（2。iii。15）1。Itisusedinthesenseofvalueinexchange；aswhenwesay，thatthevalueofa
hatis
doublethatofahandkerchief，ifonehatwillexchangefortwohandkerchiefs。
（2。iii。16）2。Mr。Ricardo，inhisexpositionoftheprinciplesofpoliticaleconomy，usedthe
word
valueinasensereferable，nottopurchasingpower，buttocostofproduction。Thus，iftwodays’
labourwenttotheproductionofonecommodity，andtwototheproductionofanother
commodity，Mr。Ricardowouldsay，thetwocommoditieswereofequalvalue。Inlikemanner，if
twodays’labourproducedatonetimeacertainamountofcommodities，andatanothertime，by
animprovementintheproductivepowersofthatlabour，agreateramountofcommodities，Mr。
Ricardowouldsaythatthevalueofthesmallerquantity，andthevalueofthegreaterquantity，
werethesame。
（2。iii。17）Ifweusethetermvalueinthesenseofexchangeablevalue，orpurchasingpower；
that
is，commandoveragreaterorlessquantityofcommodities；thecaseisthesamewiththatwhich
wehavealreadyconsidered，whereinriseandfallofwagesorprofitsweretakentomean，a
greaterorlessamountofcommodities。Whenwesaythatthelabourerreceivesagreaterquantity
ofcommodities，andwhenwesaythathereceivesagreaterexchangeablevalue，wedenoteby
thetwoexpressions，oneandthesamething。Inthissense，therefore，nobodyhasever
maintainedthatprofitsnecessarilyrisewhenwagesfall，andfallwhenwagesrise：becauseitwas
alwayseasytosee，that，byanalterationinproductivepower，bothmayriseorfalltogether，and
alsothatonemayriseorfall，andtheotherremainstationary。
（2。iii。18）Wecomenexttoconsiderwhatlanguagemaybecorrectlyused，inthesensewhich
Mr。
Ricardoannexedtothewordvalue。
（2。iii。19）Itwillimmediatelybeseenthat，inthissense，thecasecorrespondsexactly。with
the
firstofthosewhichIhavealreadyconsidered，thatofproportions。Ifwhatis’produced，byan
invariablequantityoflabour，continuestobedividedinthesameproportion，sayonehalftothe
capitalist，andonehalftothelabourers，thathalfmaybeagreaterorasmallerquantityof
commodities，butitwillalwaysbetheproduceofthesamequantityoflabour；and，inMr。
Ricardo’ssense，always，forthatreason，ofthesamevalue。Inthissenseofthewordvalue，
therefore，itisstrictlyandundeniablytrue，thatprofitsdependuponwagessoastorisewhen
wagesfall，andfallwhenwagesrise。
（2。iii。20）Inthecommonmodeofexpressingprofits，thereferencethatismadeisnottothe
producedcommodity，buttothecapitalemployedinproducingit；includingthewages，whichit
isnecessarytoadvance，andfromwhichtheownerexpectsofcoursetoderivethesame
advantageasfromhisotheradvances。Profitsareexpressednotinaliquotpartsoftheproduce，
butofthiscapital。Itisnotsomuchpercentoftheproducethatacapitalistissaidtoreceive，but
somuchpercentuponhiscapital。Now，thecapitalmaybeeitherofmore，oroflessvaluethan
theproduce，accordingtotheproportioninwhichitiscapitalofthefixed，orthecirculating
kind。Supposeacapitalof200l。ofwhich50l。isconsumedintheproductionofacommodity，
whichsellsfor120l。；wehavefirsttodeduct50l。forthecapitalconsumed；therethenremains
70l。tobedividedbetweenthecapitalistandthelabourers；andifwesupposethat50l。hasbeen
paidforwages，inotherwords，thatsuchistheshareofthelabourers，thecapitalistreceives10
percentuponhiscapital；includinghere，inthetermcapital，whathehasadvancedaswages；but
hereceives28—1/2percentoftheproduce，orofthatwhichisdividedafterreplacingthecapital
consumed。Itisonly，however，thelanguagewhichhereisdifferent；thethingexpressedis
preciselythesame；andwhetherthecapitalistsayshereceives10percentuponhiscapital，or
28—1/2percentoftheproduce，hemeansinbothcasesthesameamount，viz。20l。
（2。iii。21）Thereare，therefore，inreality，buttwocases。Theone，thatinwhichwespeakof
proportions；theother，thatinwhichwespeakofquantityofcommodities。Intheonecase，itis
correcttosaythatprofitsdependliterallyandstrictlyuponwages。Intheothercase，althoughit
isstillcorrecttosaythatprofitsdependuponwages；forthegreaterthesharethatgoestothe
labourer，thelessthesharethatremainsforthecapitalist；yettomakethelanguageofquantity
correspondinmeaningwiththelanguageofproportions，theformofexpressionrequirestobe
modified。
（2。iii。22）Thereisagreatconvenienceinadaptingourlanguagetotherateuponthecapital，
ratherthanthesharesoftheproduce；becausetherateuponthecapitalisthesameinallthe
varietiesofproduce，buttheshareofthecapitalistisdifferent，accordingtoallthedifferent
degreesinwhichcapitalcontributestotheintendedresult。
（2。iii。23）This，howeveritisevident，makesnodifferenceinthetruthofthedoctrine。Ifin
one
casecapitalcontributestwiceasmuch，inanotherthreetimesasmuch，asitdoesinathirdcase，
whateversharethecapitalistinthethirdcasereceives，thecapitalistinthefirstcasewillreceive
twiceasgreatashare，andthecapitalistinthesecondcasewillreceivethreetimesasgreat；if
theshareofthecapitalistinthethirdcaseisreducedonethirdbyriseofwages，theshareofeach
oftheothertwowillalsobereducedonethird；andwhatever，inpercentageonhiscapital，the
profitsoftheonearereduced，thesameinthatpercentagewilltheprofitsoftheothershe
reduced。
（2。iii。24）Asthispercentagehoweverisgenerallyspokeninthesenseofexchangeablevalue，
it
mayhappen，aswehaveseenabove，thatthesharesmaybealteredwithoutanalterationofthis
percentage。If，atthesametimethatthesharesofthecapitalistsarereduced，byariseofwages，
thereshouldhappenanincreaseoftheproductivepowersoflabourandcapital，thereduced
sharesmightconsistofasgreataquantityofcommoditiesasthepreviousshares，andofcourse
theexchangeablevalue，andpercentageonthecapital，expressedinthelanguageof
exchangeablevalue，wouldremainthesame。
（2。iii。25）Ifitshouldbedeemedabettermodeofexpoundingthesubject，nottoregard，asa
separateportion，whatisrequiredtoreplacethecapitalconsumed，buttoconsideritasforming
partoftheshareofthecapitalist；thesamepropositionswillstillbetrue。Thewholewhichisto
bedividedwill，inthiscase，bedifferentfromtheformerwhole，andtheshareswillnotbethe
sameproportionofthatwhole；butitwillstillbetruethatbyhowmuchtheproportionofthe
labourersisincreased，bysomuchthatofthecapitalistwillbereduced；andthatwhenthe
capitalisthassetapartthatportionofhissharewhichisrequiredtoreplacehiscapital，his
profits，ortheadvantageupontheuseofhiscapital，willbeaffected，preciselyastheyaresaidto
beaccordingtotheformermodeofexposition。
（2。iii。26）Ifwespeakofwhataccruestothetwopartiesinthelanguageofquantity，notof
proportion，itisequallyclear，inthismodeofexpositionasintheformer，thatthequantityof
commoditiesisnotnecessarilyalteredwhenthesharesarealtered；thatthesharesmayalter
whenthereisnoalterationinthequantityofproducetobeshared；and，ontheotherhand，that
thequantityofproducetobesharedmayalter，eitherupordown，whilethesharesarethesame。
Itis，atthesametime，true，thattherecanbenoalterationinthequantityofproducewhichthe
onereceives，butbyanalterationinthequantitywhichtheotherreceives；unlessinthatone
case，inwhichtheproductivepowersoftheinstrumentsofproductionhaveundergone
alteration。Thefollowing，therefore，isaconnectedchainoftruepropositions。
（2。iii。27）1。Thatwhichaccruestothepartiesconcernedintheproductionofacommodityor
commodities，thelabourers，andcapitalist，asthereturnfortheircooperation，isashareofthe
producetoeach。
（2。iii。28）2。Theshareoftheonecannotbeincreased，withoutacorrespondingdiminution
ofthe
shareoftheother。
（2。iii。29）3。Thesesharesremainingthesame，thequantityofproduceincludedinthemmay
be
eithergreaterorless，accordingastheproductiveoperationshavebeenfollowedwithagreater
orasmallerproduce。
（2。iii。30）4。Accordingasyouapplythetermvalue，totheeffect，thequantityofproduce；or
to
thecause，thequantityoflabouremployed；itwillbetrue，oritwillnotbetrue，thatthevalueof
whatisreceivedbythecapitalistthelabourerandreciprocatesalongwiththeirshares。
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