This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1822 Excerpt: ...where competition is the most free and active, that the rates of profit should be unequal. After the immecbate wants of nature are satisfied, property itself is desirable, princi- pally on account of the degree of distinction it gives to the owner; and if society will hold in less estimation the employment of property ...
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1822 Excerpt: ...where competition is the most free and active, that the rates of profit should be unequal. After the immecbate wants of nature are satisfied, property itself is desirable, princi- pally on account of the degree of distinction it gives to the owner; and if society will hold in less estimation the employment of property in some ways than in others, a higher profit must be obtained, to compensate for the inferior reputation of the employment. There are, in most large and improving towns, many small houses, which yield to the owners, after paying all expences, and deducting average losses, a higher rate of profit than can be obtained by building large houses; though both kinds may be in demand, and in an equally regular course of erection. Why should this be? All are equally at liberty to buildsmall or large houses; yet the small do actually pay 7 or 8 per cent. and the large only 5 or 6! The principle above stated accounts for it: there is less esteem attached to the possession of small, than to the possession of large houses. This natural inequality in the rate of the profit, is increased by the charge so frequently made against the owners of small houses, of extorting a high rent for them. This charge has a tendency to increase the rent; because it goes to fix an odium, which must be compensated by a higher rate of profit. When so much odium was attached to lenders of money, there can be little doubt entertained, that the rate of interest on money lent was increased by the severe reprobation bestowed upon it. In London there are opulent dealers in manure or night-soil, and rich chimney-sweepers: if the principles here maintained are correct, the capital employed in these professions obtains a higher average rate of profit, than that employed in those es...
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