[7] _E.g._, Book I, chap. vii: "When the price of any commodity is neither more nor less than what is sufficient to pay the rent of the land, the wages of the labor, and the profits of the stock employed in raising, preparing, and bringing it to market, according to their _natural_ rates, the commodity is then sold for what may be called its _natural_ price." "The actual price at which any commodity is commonly sold is called its market price. It may be either above, or below or exactly the same with its natural price." [8] _Lectures of Adam Smith_ (Ed. Cannan, 1896), p. 169. [9] "This division of labor, from which so many advantages are derived, is not originally the effect of any human wisdom, which foresees and intends that general opulence to which it gives occasion. It is the necessary though very slow and gradual consequence of a certain propensity in human nature which has in view no such extensive utility,--the propensity to truck, barter, and exchange one thing for another. Whether this propensity be one of those original principles in human nature of which no further account can be given, or whether, as seems more probable, it be the necessary consequence of the faculties of reason and speech, it belongs not to our present subject to inquire." _Wealth of Nations_, Book I, chap. ii. [10] _Wealth of Nations_, Book I, chaps, v.-vii. [11] _Wealth of Nations_, Book I, chap. v. [12] As, _e.g._, the entire discussion of the determination of Wages, Profits and Rent, in Book I, chaps, viii.-xi. [13] "There is in every society or neighborhood an ordinary or average rate both of wages and profit in every different employment of labor and stock. This rate is naturally regulated, ... partly by the general circumstances of the society.... There is, likewise, in every society or neighborhood an ordinary or average rate of rent, which is regulated, too.... These ordinary or average rates may be called the natural rates of wages, profit, and rent, at the time and place in which they commonly prevail. When the price of any commodity is neither more nor less than what is sufficient to pay the rent of the land, the wages of the labor, and the profits of the stock employed in raising, preparing, and bringing it to market, according to their natural rates, the commodity is then sold for what may be called its natural price." _Wealth of Nations_, Book I, chap. vii. [14] "Such commodities may continue for whole centuries together to be sold at this high price; and that part of it which resolves itself into the rent of land is, in this case, the part which is generally paid above its natural rate." Book I, chap. vii. [15] _Wealth of Nations_, Book I, chap, vi; also chap. viii. [16] For an instance of how these early phases of industrial development appear, when not seen in the light of Adam Smith's preconception, see, among others, Buecher, _Entstchung der Volkswirtschaft_. [17] Book I, chap. iv.