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measures the value not only of that part of price which resolves
itself into labour； but of that which resolves itself into rent；
and of that which resolves itself into profit。
In every society the price of every commodity finally
resolves itself into some one or other； or all of those three
parts； and in every improved society； all the three enter more or
less； as component parts； into the price of the far greater part
of commodities。
In the price of corn； for example； one part pays the rent of
the landlord； another pays the wages or maintenance of the
labourers and labouring cattle employed in producing it； and the
third pays the profit of the farmer。 These three parts seem
either immediately or ultimately to make up the whole price of
corn。 A fourth part； it may perhaps be thought； is necessary for
replacing the stock of the farmer； or for compensating the wear
and tear of his labouring cattle； and other instruments of
husbandry。 But it must be considered that the price of any
instrument of husbandry； such as a labouring horse； is itself
made up of the same three parts； the rent of the land upon which
he is reared； the labour of tending and rearing him； and the
profits of the farmer who advances both the rent of this land；
and the wages of this labour。 Though the price of the corn；
therefore； may pay the price as well as the maintenance of the
horse； the whole price still resolves itself either immediately
or ultimately into the same three parts of rent； labour； and
profit。
In the price of flour or meal； we must add to the price of
the corn； the profits of the miller； and the wages of his
servants； in the price of bread； the profits of the baker； and
the wages of his servants； and in the price of both； the labour
of transporting the corn from the house of the farmer to that of
the miller； and from that of the miner to that of the baker；
together with the profits of those who advance the wages of that
labour。
The price of flax resolves itself into the same three parts
as that of corn。 In the price of linen we must add to this price
the wages of the flaxdresser； of the spinner； of the weaver； of
the bleacher； etc。； together with the profits of their respective
employers。
As any particular commodity comes to be more manufactured；
that part of the price which resolves itself into wages and
profit comes to be greater in proportion to that which resolves
itself into rent。 In the progress of the manufacture； not only
the number of profits increase； but every subsequent profit is
greater than the foregoing； because the capital from which it is
derived must always be greater。 The capital which employs the
weavers； for example； must be greater than that which employs the
spinners； because it not only replaces that capital with its
profits； but pays； besides； the wages of the weavers； and the
profits must always bear some proportion to the capital。
In the most improved societies； however； there are always a
few commodities of which the price resolves itself into two parts
only； the wages of labour； and the profits of stock； and a still
smaller number； in which it consists altogether in the wages of
labour。 In the price of sea…fish； for example； one part pays the
labour of the fishermen； and the other the profits of the capital
employed in the fishery。 Rent very seldom makes any part of it；
though it does sometimes； as I shall show hereafter。 It is
otherwise； at least through the greater part of Europe； in river
fisheries。 A salmon fishery pays a rent； and rent； though it
cannot well be called the rent of land； makes a part of the price
of a salmon as well as wages and profit。 In some parts of
Scotland a few poor people make a trade of gathering； along the
sea…shore； those little variegated stones commonly known by the
name of Scotch Pebbles。 The price which is paid to them by the
stone…cutter is altogether the wages of their labour； neither
rent nor profit make any part of it。
But the whole price of any commodity must still finally
resolve itself into some one or other； or all of those three
parts； as whatever part of it remains after paying the rent of
the land； and the price of the whole labour employed in raising；
manufacturing； and bringing it to market； must necessarily be
profit to somebody。
As the price or exchangeable value of every particular
commodity； taken separately； resolves itself into some one or
other or all of those three parts； so that of all the commodities
which compose the whole annual produce of the labour of every
country； taken complexly； must resolve itself into the same three
parts； and be parcelled out among different inhabitants of the
country； either as the wages of their labour； the profits of
their stock； or the rent of their land。 The whole of what is
annually either collected or produced by the labour of every
society； or what comes to the same thing； the whole price of it；
is in this manner originally distributed among some of its
different members。 Wages； profit； and rent； are the three
original sources of all revenue as well as of all exchangeable
value。 All other revenue is ultimately derived from some one or
other of these。
Whoever derives his revenue from a fund which is his own；
must draw it either from his labour； from his stock； or from his
land。 The revenue derived from labour is called wages。 That
derived from stock； by the person who manages or employes it； is
called profit。 That derived from it by the person who does not
employ it himself； but lends it to another； is called the
interest or the use of money。 It is the compensation which the
borrower pays to the lender； for the profit which he has an
opportunity of making by the use of the money。 Part of that
profit naturally belongs to the borrower； who runs the risk and
takes the trouble of employing it； and part to the lender； who
affords him the opportunity of making this profit。 The interest
of money is always a derivative revenue； which； if it is not paid
from the profit which is made by the use of the money； must be
paid from some other source of revenue； unless perhaps the
borrower is a spendthrift； who contracts a second debt in order
to pay the interest of the first。 The revenue which proceeds
altogether from land； is called rent； and belongs to the
landlord。 The revenue of the farmer is derived partly from his
labour； and partly from his stock。 To him； land is only the
instrument which enables him to earn the wages of this labour；
and to make the profits of this stock。 All taxes； and an the
revenue which is founded upon them； all salaries； pensions； and
annuities of every kind； are ultimately derived from some one or
other of those three original sources of revenue； and are paid
either immediately or mediately from the wages of labour； the
profits of stock； or the rent of land。
When those three different sorts of revenue belong to
different pe