Smith covers the topic of rent of land in chapter eleven, which is the final chapter of the first book. In opening the chapter, he reveals that he sees the rent of land as a monopoly price:The rent of land, therefore, considered as the price paid for the use of land, is naturally a monopoly price. It is not at all proportioned to what the landlord may have laid out upon the improvement of the land, or what he can afford to take; but to what the farmer can afford to give.As usual, let’s give a...

Smith covers the topic of rent of land in chapter eleven, which is the final chapter of the first book. In opening the chapter, he reveals that he sees the rent of land as a monopoly price:The rent of land, therefore, considered as the price paid for the use of land, is naturally a monopoly price. It is not at all proportioned to what the landlord may have laid out upon the improvement of the land, or what he can afford to take; but to what the farmer can afford to give.As usual, let’s give a...