Affect Quotes
It is the natural effect of improvement, however, to diminish gradually the real price of almost all manufactures.
"It is the natural effect of improvement, however, to diminish gradually the real price of almost all manufactures."— Adam Smith
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Meaning of this quote
Improvements in manufacturing are described as tending to reduce real production costs.
Key takeaway:
Investigate productivity changes when explaining long-run price trends.
Origin of the quote
The Wealth of Nations (1776)
Who actually said this?
VerifiedWording located in the primary text; capitalization and punctuation may vary.
Source:
The Wealth of Nations (1776)
