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Chapter XI
OF THE RENT OF LAND

Vocabulary for this chapter:
Assize - An ordinance regulating weights and measures and the weights and prices of articles of consumption.
Extirpate - to remove or destroy totally; do away with; exterminate.
Multure - a toll or fee given to the proprietor of a mill for the grinding of grain
Antecedent - preceding; prior
Superfluity - a superabundant or excessive amount.


Introduction:
(This is a long chapter broken up into two short parts, and one very long thrid part)

Smith begins this chapter talking about the natural rent of the land, which is the maximum that a farmer can pay out of his profits so that he just barely comes out ahead. Sometimes the farmer can get away with paying less if the landlord is stupid, and if the farmer is stupid he pays more. He goes on to say that the rent is really just profit on the improvements that the landlord makes upon the land. However sometimes the tenant makes the improvement, but the landlord will always come back and charge more for the rent as if he made the improvement. But even on unimprovable land, the landlord still charges a rent. Even in instances where the landlord owns a shoreline, he essentially charges rent to the sea to people who want to fish there. Therefore rent is more of a monopoly, in which the tenant has to pay not what the landlord can afford to take, but what the tenant can afford to give.

But what really makes up weather or not rent can be afforded to pay is the demand for the product once it reaches the market. So where wages and profit are what cause a price to be what it is, Rent is caused by what the price is.

So this chapter will be broken up into three parts. The first of which deals with ventures that always have profit left over for rent, the second deals with those where there is sometimes profit left over, and the third deals with variations between the two.

Chapter X Part II<---- ---->Chapter XI Part I