L.

_Labour_, the quantity of, requisite to obtain commodities, the _principal_ source of their exchangeable value, 4, 5. Effects of machinery on, considered, 9-11. Economy in labour reduces the relative value of a commodity, 21, 22. Illustrations of this principle, 22-42. Adam Smith's theory of productive and unproductive labour, considered, 64-66, _notes_. Natural price of, explained, 90, 91. Market price of, what, 92. Its influence on the happiness of the labourer, 92, 93. Investigation of the comparative value of labour, gold, and corn, in rich and in poor countries, 527-537.

_Land_, the division of the whole produce of, between landlords, capitalists, and labourers, is the criterion of rent, profits, and wages, 44-48. Its different productive qualities, a cause of rent, 54-58. Effects of increasing its productive powers by agricultural improvements, 70-76.

_Landlords_, tithes injurious to, 229, 230. Benefit of a high price of corn to them, 474, 475.

_Land-Tax_, virtually a tax on rent, 232. Effects of an equal land-tax, imposed indiscriminately on all land cultivated, 234, 235. Error of Dr. Adam Smith, on the inequality of land and all other taxes, accounted for, 236-238. Tax on land and its produce, no bar to cultivation, 238, 239. Operation of the land-tax of Great Britain, considered, 239, 240. Mistake of M. Say, corrected, 241, 242-246.

_Lauderdale_ (Earl of), opinion of, on the influence of demand and supply on prices, 545-547. Remarks thereon, 547, 548.

_Luxuries_, observations on the taxing of, 314. Advantages and disadvantages of taxing them, considered, 327-329.