ABSTRACT
The theory of rent expounded by McCulloch was basically the familiar classical theory of a price-determined surplus resulting from the emergence of agricultural diminishing returns. This theory was expressly limited to capitalist farming;5 and the surplus return carefully distinguished from return on capital invested in improvements, being referred to as payment for the original and indestructible powers of the soil.6 However, McCulloch was quite clear that 'pure rent' was very
» Statistical Account, 1847, Vol . I, pp. 582-3; C D 1847, pp. 418-25; Principles, 1849, p. 548; B D 1853, p. 282, W N 1855, pp. 524, 528; EB8 C o m Laws, p. 394; and see especially Taxation, 1852, pp. 195, 199-202: 'the well-being of the agricultural class should not have been imperilled on any such unsatisfactory data*. 'This was rushing blindfold from one extreme to another.'
