An Inquiry Into the Nature and Causes of the Wealth of NationsSmith, Adam
General
An Inquiry Into the Nature and Causes of the Wealth of Nations
Smith, Adam
Economics
disturb the public security.
The reader will find at the end of this chapter all the prices of wheat
which have been collected by Fleetwood, from 1202 to 1597, both
inclusive, reduced to the money of the present times, and digested,
according to the order of time, into seven divisions of twelve years
each. At the end of each division, too, he will find the average price
of the twelve years of which it consists. In that long period of time,
Fleetwood has been able to collect the prices of no more than eighty
years; so that four years are wanting to make out the last twelve years.
I have added, therefore, from the accounts of Eton college, the prices
of 1598, 1599, 1600, and 1601. It is the only addition which I have
made. The reader will see, that from the beginning of the thirteenth
till after the middle of the sixteenth century, the average price of
each twelve years grows gradually lower and lower; and that towards the
and of the sixteenth century it begins to rise again. The prices,
indeed, which Fleetwood has been able to collect, seem to have been
those chiefly which were remarkable for extraordinary dearness or
cheapness; and I do not pretend that any very certain conclusion can be
drawn from them. So far, however, as they prove any thing at all, they
confirm the account which I have been endeavouring to give. Fleetwood
himself, however, seems, with most other writers, to have believed,
that, during all this period, the value of silver, in consequence of its
increasing abundance, was continually diminishing. The prices of corn,
which he himself has collected, certainly do not agree with this
opinion. They agree perfectly with that of Mr Dupré de St Maur, and with
that which I have been endeavouring to explain. Bishop Fleetwood and Mr
Dupré de St Maur are the two authors who seem to have collected, with
the greatest diligence and fidelity, the prices of things in ancient
times. It is somewhat curious that, though their opinions are so very
different, their facts, so far as they relate to the price of corn at
least, should coincide so very exactly.
Public-domain text, read in full here on John Shaqi.
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