differential rent, n.All

Differential rent (n.) arises, ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠as with the waterfall-powered mill, not from selling above the price of production but from selling at it while producing below it.

Differential rent (n.) on ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠the better soil rises when many farmers work with insufficient capital, and poorer farming on worse soil increases the rent on the better.

Differential rent (n.) does ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠not require, as Ricardo and Malthus thought, a march to ever worse soil; its only precondition is that soils are unequal.

Differential rent (n.) lets ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠the worst soil, bearing no rent, set the market price for all corn, unless the better soils produce more than is demanded, and in that way American grain prices govern English ones.