they give for it must reduce the price of the 
whole. The market price will sink more or 
less below the natural price, according as the 
greatness of the excess increases more or less 
the competition of the sellers, or according as 
it happens to be more or less important to 
them to get immediately rid of the commodity
The same excess in the importation of 
perishable, will occasion a much greater competition 
than in that of durable commodities
in the importation of oranges, for example, 
than in that of old iron
When the quantity brought to market is 
just sufficient to supply the effectual demand
and no more, the market price naturally 
comes to be either exactly, or as nearly as 
can be judged of, the same with the natural 
price. The whole quantity upon hand can 
be disposed of for this price, and cannot be 
disposed of for more. The competition of 
the different dealers obliges them all to accept 
of this price, but does not oblige them 
to accept of less. 
The quantity of every commodity brought 
to market naturally suits itself to the effectual 
demand. It is the interest of all those who 
employ their land, labour, or stock, in bringing 
any commodity to market, that the quantity 
never should exceed the effectual demand
and it is the interest of all other people that 
it never should fall short of that demand
If at any time it exceeds the effectual demand
some of the component parts of its 
price must be paid below their natural rate
If it is rent, the interest of the landlords will 
immediately prompt them to withdraw a part 
of their land; and if it is wages or profit
the interest of the labourers in the one case
and of their employers in the other, will 
prompt them to withdraw a part of their labour 
or stock, from this employment. The 
quantity brought to market will soon be no 
more than sufficient to supply the effectual 
demand. All the different parts of its price 
will rise to their natural rate, and the whole 
price to its natural price
If, on the contrary, the quantity brought to 
market should at any time fall short of the effectual 
demand, some of the component parts 
of its price must rise above their natural rate
If it is rent, the interest of all other landlords 
will naturally prompt them to prepare more 
land for the raising of this commodity; if it 
is wages or profit, the interest of all other labourers 
and dealers will soon prompt them to 
employ more labour and stock in preparing 
and bringing it to market. The quantity 
brought thither will soon be sufficient to supply 
the effectual demand. All the different 
parts of its price will soon sink to their natural 
rate, and the whole price to its natural 
The natural price, therefore, is, as it were, 
the central price, to which the prices of all 
commodities are continually gravitating. Different 
accidents may sometimes keep them 
suspended a good deal above it, and sometimes 
force them down even somewhat below 
it. But whatever may be the obstacles which 
hinder them from settling in this centre of repose 
and continuance, they are constantly 
tending towards it. 
The whole quantity of industry annually 
employed in order to bring any commodity to 
market, naturally suits itself in this manner to 
the effectual demand. It naturally aims at 
bringing always that precise quantity thither 
which may be sufficient to supply, and no 
more than supply, that demand
But, in some employments, the same quantity 
of industry will, in different years, produce 
very different quantities of commodities
while, in others, it will produce always the 
same, or very nearly the same. The same 
number of labourers in husbandry will, in 
different years, produce very different quantities 
of corn, wine, oil, hops, &c. But the 
same number of spinners or weavers will every 
year produce the same, or very nearly the 
same, quantity of linen and woollen cloth. It 
is only the average produce of the one species 
of industry which can be suited, in any respect
to the effectual demand; and as its actual 
produce is frequently much greater, and 
frequently much less, than its average produce
the quantity of the commodities brought 
to market will sometimes exceed a good deal
and sometimes fall short a good deal, of the 
effectual demand. Even though that demand
therefore, should continue always the same, 
their market price will be liable to great fluctuations
will sometimes fall a good deal below, 
and sometimes rise a good deal above, 
their natural price. In the other species of 
industry, the produce of equal quantities of 
labour being always the same, or very nearly 
the same, it can be more exactly suited to the 
effectual demand. While that demand continues 
the same, therefore, the market price of 
the commodities is likely to do so too, and to 
be either altogether, or as nearly as can be 
judged of, the same with the natural price
That the price of linen and woollen cloth is 
liable neither to such frequent, nor to such 
great variations, as the price of corn, every 
man's experience will inform him. The price 
of the one species of commodities varies only 
with the variations in the demand; that of 
the other varies not only with the variations 
in the demand, but with the much greater
and more frequent, variations in the quantity 
of what is brought to market, in order to supply 
that demand
The occasional and temporary fluctuations 
in the market price of any commodity fall 
chiefly upon those parts of its price which resolve 
themselves into wages and profit. That 
part which resolves itself into rent is less affected 
by them. A rent certain in money is 
not in the least affected by them, either in its