Turningtothetax-equivalentapproachtoanalysisofsharetenancy,andreferringagaintofigure5,wemaywellask:IftheassertedequilibriumatAwerevalid,whatwouldweobserve?Thefollowingisimplied:

（China,1921—25）：

Contrarytotheprevailingopinionthattenantsdonotfarmaswellasowners,aclassificationaccordingtoyieldsbydifferenttypesoftenureshowsnosignificantvariationinyieldsformostlocalities,andforthefewinwhichadifferencedoesoccur,itisinfavorofthetenantorpartownerasoftenasfortheowner……Insomeplaces,even,itisevidentthatthetenantsfarmbetterthantheowners.[12]

Buck'sdatashowthefollowingcropindexesperacre:Ownerfarms,100and101；part-ownerfarms,99and101；andtenantfarms,103and104.[13]Thirtyyearslater,makingnoreferencetoBuck,:

UnderdevelopedcountriesintentontechnicalprogressinagricultureshouldrecognizethefactthatmuchofthemostimpressivegaininagriculturalproductivityoccurredinareasoftheUnitedStateswherethedominantformoflandtenureisasharerentalarrangementbetweenlandlordandtenant.[14]

Withrespecttotheintensitiesoffarming,wefindJapanesedata（1932-38）showingthattheaveragelandholdingperownerfarmeris2.22tan,asparedto2.10tanperpart-ownerfarmerand1.93tanpertenantfarmer,[15],sincetherentalearningislowerwithequilibriumatA（underthetaxapproach）,,,andthat"thevalueoflandforthethreetypesoftenure（owner,part-owner,andtenant）inmostcasesvariesonlyafewdollars."[16]Also,withequilibriumatA,wewouldobservethattheactualrentreceivedbythelandownerislowerundersharetenancythanunderafixedrent（rentperacre）.AsisshowninAppendixB,however,sharerentisgenerallyslightlyhigherthancroprent.[17]Thisslightdifference,asIshallindicatelater,mightbeexplainedasapaymenttothelandownerforhis"risk",asimpliedbythetaxapproach,thatahigherrentalpercentage-withthe

（1-r）curveshiftingdownwardinfigure5—:Tenantfarmswithhigherrentalpercentagesusuallyalsodisplayhigherlabor-landratios.[18]Thisisdueeithertotheland'sbeingmorefertileortothetenants'alternativeearnings'beinglower,,ifthetax-equivalentapproachwerecorrect,wewouldobservethatmost,ifnotall,,forexample.In1949thereexistedonly1.24leasespertenantfamily.[19],landownersissuingoneortwohundredleaseswereregardedasmon.[20]