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When the quantity of any commodity which is brought to
market falls short of the effectual demand； all those who are
willing to pay the whole value of the rent； wages； and profit；
which must be paid in order to bring it thither； cannot be
supplied with the quantity which they want。 Rather than want it
altogether； some of them will be willing to give more。 A
competition will immediately begin among them； and the market
price will rise more or less above the natural price； according
as either the greatness of the deficiency； or the wealth and
wanton luxury of the competitors； happen to animate more or less
the eagerness of the competition。 Among competitors of equal
wealth and luxury the same deficiency will generally occasion a
more or less eager competition； according as the acquisition of
the commodity happens to be of more or less importance to them。
Hence the exorbitant price of the necessaries of life during the
blockade of a town or in a famine。
When the quantity brought to market exceeds the effectual
demand； it cannot be all sold to those who are willing to pay the
whole value of the rent； wages； and profit； which must be paid in
order to bring it thither。 Some part must be sold to those who
are willing to pay less； and the low price which 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 price。
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； etc。 But the same number of spinners and
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 woolen 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 rate or in its value。 A rent which consists either in a
certain proportion or in a certain quantity of the rude produce；
is no doubt affected in its yearly value by all the occasional
and temporary fluctuations in the market price of that rude
produce； but it is seldom affected by them in its yearly rate。 In
settling the terms of the lease； the landlord and farmer
endeavour； according to their best judgment； to adjust that rate；
not to the temporary and occasional； but to the average and
ordinary price of the produce。
Such fluctuations affect both the value and the rate either
of wages or of profit； according as the market happens to be
either overstocked or understocked with commodities or with
labour； with work done； or with work to be done。 A public
mourning raises the price of black cloth （with which the market
is almost always understocked upon such occasions）； and augments
the profits of the merchants who possess any considerable
quantity of it。 It has no effect upon the wages of the weavers。
The market is understocked with commodities； not with labour；
with work done； not with work to be done。 It raises the wages of
journeymen tailors。 The market is here understocked with labour。
There is an effectual demand for more labour； for more work to be
done than can be had。 It sinks the price of coloured silks and
cloths； and thereby reduces the profits of the merchants who have
any considerable quantity of them upon hand。 It sinks； too； the
wages of the workmen employed in preparing such commodities； for
which all demand is stopped for six months； perhaps for a
twelvemonth。 The market is here over…stocked both with
commodities and with labour。
But though the market price of every particular commodity is
in this manner continually gravitating； if one may say so；
towards the natural price； yet sometimes particular accidents；
sometimes natural causes； and sometimes particular regulations of
police； may； in many commodities； keep up the