[ Pobierz całość w formacie PDF ]
.The whole quantity of industry annually employed in order tobring any commodity to market naturally suits itself in thismanner to the effectual demand.It naturally aims at bringingalways that precise quantity thither which may be sufficient tosupply, and no more than supply, that demand.But in some employments the same quantity of industry will indifferent years produce very different quantities of commodities;while in others it will produce always the same, or very nearly thesame.The same number of labourers in husbandry will, indifferent years, produce very different quantities of corn, wine, oil,hops, etc.But the same number of spinners and weavers will everyyear produce the same or very nearly the same quantity of linenand woollen cloth.It is only the average produce of the one speciesof industry which can be suited in any respect to the effectualdemand; and as its actual produce is frequently much greater andAdam Smith ElecBook Classics The Wealth of Nations: Book 1 88frequently much less than its average produce, the quantity of thecommodities brought to market will sometimes exceed a gooddeal, and sometimes fall short a good deal, of the effectualdemand.Even though that demand therefore should continuealways the same, their market price will be liable to greatfluctuations, will sometimes fall a good deal below, and sometimesrise a good deal above their natural price.In the other species ofindustry, the produce of equal quantities of labour being alwaysthe same, or very nearly the same, it can be more exactly suited tothe effectual demand.While that demand continues the same,therefore, the market price of the commodities is likely to do sotoo, and to be either altogether, or as nearly as can be judged of,the same with the natural price.That the price of linen andwoollen cloth is liable neither to such frequent nor to such greatvariations as the price of corn, every man s experience will informhim.The price of the one species of commodities varies only withthe variations in the demand: that of the other varies, not onlywith the variations in the demand, but with the much greater andmore frequent variations in the quantity of what is brought tomarket in order to supply that demand.The occasional and temporary fluctuations in the market priceof any commodity fall chiefly upon those parts of its price whichresolve themselves into wages and profit.That part which resolvesitself into rent is less affected by them.A rent certain in money isnot in the least affected by them either in its rate or in its value.Arent which consists either in a certain proportion or in a certainquantity of the rude produce, is no doubt affected in its yearlyvalue by all the occasional and temporary fluctuations in themarket price of that rude produce; but it is seldom affected byAdam Smith ElecBook Classics The Wealth of Nations: Book 1 89them in its yearly rate.In settling the terms of the lease, thelandlord and farmer endeavour, according to their best judgment,to adjust that rate, not to the temporary and occasional, but to theaverage and ordinary price of the produce.Such fluctuations affect both the value and the rate either ofwages or of profit, according as the market happens to be eitheroverstocked or understocked with commodities or with labour;with work done, or with work to be done.A public mourningraises the price of black cloth (with which the market is almostalways understocked upon such occasions), and augments theprofits of the merchants who possess any considerable quantity ofit.It has no effect upon the wages of the weavers.The market isunderstocked with commodities, not with labour; with work done,not with work to be done.It raises the wages of journeymentailors.The market is here understocked with labour.There is aneffectual demand for more labour, for more work to be done thancan be had.It sinks the price of coloured silks and cloths, andthereby reduces the profits of the merchants who have anyconsiderable quantity of them upon hand.It sinks, too, the wagesof the workmen employed in preparing such commodities, forwhich all demand is stopped for six months, perhaps for atwelvemonth.The market is here over-stocked both withcommodities and with labour.But though the market price of every particular commodity isin this manner continually gravitating, if one may say so, towardsthe natural price, yet sometimes particular accidents, sometimesnatural causes, and sometimes particular regulations of police,may, in many commodities, keep up the market price, for a longtime together, a good deal above the natural price.Adam Smith ElecBook Classics The Wealth of Nations: Book 1 90When by an increase in the effectual demand, the market priceof some particular commodity happens to rise a good deal abovethe natural price, those who employ their stocks in supplying thatmarket are generally careful to conceal this change.If it wascommonly known, their great profit would tempt so many newrivals to employ their stocks in the same way that, the effectualdemand being fully supplied, the market price would soon bereduced to the natural price, and perhaps for some time evenbelow it
[ Pobierz całość w formacie PDF ]