An Inquiry into the Nature and Causes of the Wealth of NationsSmith, Adam
History
An Inquiry into the Nature and Causes of the Wealth of Nations
Smith, Adam
Economics
PART III.—Of the variations in the Proportion between the respective
Values of that sort of Produce which always affords Rent, and of that
which sometimes does, and sometimes does not, afford Rent.
The increasing abundance of food, in consequence of the increasing
improvement and cultivation, must necessarily increase the demand for
every part of the produce of land which is not food, and which can be
applied either to use or to ornament. In the whole progress of
improvement, it might, therefore, be expected there should be only one
variation in the comparative values of those two different sorts of
produce. The value of that sort which sometimes does, and sometimes does
not afford rent, should constantly rise in proportion to that which always
affords some rent. As art and industry advance, the materials of clothing
and lodging, the useful fossils and materials of the earth, the precious
metals and the precious stones, should gradually come to be more and more
in demand, should gradually exchange for a greater and a greater quantity
of food; or, in other words, should gradually become dearer and dearer.
This, accordingly, has been the case with most of these things upon most
occasions, and would have been the case with all of them upon all
occasions, if particular accidents had not, upon some occasions, increased
the supply of some of them in a still greater proportion than the demand.
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