Theproce,forlan,thereisonlyadifferenceofmodestdegreeintheroleofpricerationingintheshare-rentalmarketandinthecash-rentalmarket.[30]
Inthecourseofhisanalysis,Johnsonhadobtained-andabandoned-acondit,hewrote:
Isitlikelythatatenantoperatingundertheseconditionswillallocatehisresourcesinexactlythesamewaythathewouldifpayingacashrentindependentoftheactualoutput?erpetitiveconditions.[31]
Whynot?Asshowninthelastchapter,theidentityoftheaveragerentunderfixedandsharecontractsexists,inequilibirum,,valuesofnonlandinputsandrentalpercentage,,itissomewhatpuzzlingthatJohnsonalsowrote:
Withashort-termleaserentersareobviouslyawarethatlandlordshavethealte,thetenantmustplantoproduceanaverageoutputperacrethatwillprovidearentalpayment,ifyieldsareaverage,equaltothepossiblecashrent……[32]
Theapparentcontradictionbetweenthisandtheearlierquotationcanperhapsbereconciledasfollows:Inrejectingthetheoreticalidentityoftheaveragerentunderfixedandsharecontracts,,,thetheoreticalidhoughsharerentislessproductivethanfixedrentaccordingtoamodelwit,hecalledfor”anempiricalverification……of[theeffectsof]shareleasesuponresourceallocation.”[33]
[1].Atpageproof,,whereasMarshallwasreluctant.
[2].SeeMarshall,PrinciplesofEconomics（8thed.,1920；London;Macmillan＆Co.,1956）,www.youxs.org.
[3].Ibid.,www.youxs.org,；,,www.youxs.org.
[4].Ibid.,www.youxs.org.
[5].Marshallwasaware,likeotherwritersbeforehim,thatf
[6].Marshall,PrinciplesofEconomics,www.youxs.org.
[7].Ibid.
[8].Higgs,”MetayageinWesternFrance,”TheEconomicJournal（March,1894）,www.youxs.org.
[9].Ibid.,p.
[10].Seeibid.,www.youxs.org.
[11].Marshall,PrinciplesofEconomics,www.youxs.org.
[12].ThoughMarshallwasawarethattherentalpercentagewasnotthesameeverywhere（www.youxs.org）,henotedthatforcustomaryreasonsvariationofit”couldseldombedonewithoutanappearanceofviolence”（www.youxs.org）.Noevidenceof”violence”wasoffered.
ThetheoreticaldifficultyMarshallencounteredasaresultofnotvaryingtherentalpercentagewasmadeevidentwhenhewrote（www.youxs.org）：
If[thelandlord]cannotmodifytheamount[ofcapital],butstillcontroltheamountofthetenantslabour,thenwithcertainshapesoftheproducecurve,thecultivationwillbemoreintensivethanitwouldbeontheEnglishplan[fixedrent]；,butlittlepracticalimportance.
[13].Seechapter2,,however,thatifseveralcropsaregrown,multiplerentalpercentagesmayexistinonesharec,sectionB.
[14].Marshall,PrinciplesofEconomics,www.youxs.org,
[15].Transferabilityofrightsamongindividualownersimpliesexclusivityinuse,httransfers,ghercostoftransaction,butstillmaynotconstituteaYoung,Travels,Maxwelledition,”EditorsNotes.”
,hereferredtoitasaformoflandtenureunder”feudalism.”Butwehaveyettoidentifythepropertyrightconstraintdefining”feudalism.”Georgescu-Roegenalsoemployedthetax-equivalen”EconomicTheoryandAgrarianEconomics,”OxfordEconomicPapers（February,1960）,www.youxs.org.
[16].RainerSchickele,”EffectsofTenureSystemsonAgriculturalEfficiency,”JournalofFarmEconomics（February,1941）,www.youxs.org.
[17].,”EconomicsofFarmLeasingSystems,”JournalofFarmEconomics（August,1947）,www.youxs.org.
[18].Schickele,”EffectsofTenureSystems,”www.youxs.org.
[19].Ibid.,www.youxs.org.
[20].Heady,”FarmLeasingSystems,”www.youxs.org.
[21].Ibid.,www.youxs.org.
[22].CharlesIssawi,”FarmOutputunderFixedRentsandShareTenancy,”LandEconomics（February,1957）,www.youxs.org.
[23].www.youxs.org,”ResourceAllocationunderShareContracts,”JournalofPoliticalEconomy（April,1950）,www.youxs.org.