Should he not be actuated at
first by motives so remote, he will, in every highly civilized
country, be compelled, by the powerful stimulus of competition,
to attend to the principles of the domestic economy of
manufactures. At every reduction in price of the commodity he
makes, he will be driven to seek compensation in a saving of
expense in some of the processes; and his ingenuity will be
sharpened in this enquiry by the hope of being able in his turn
to undersell his rivals. The benefit of the improvements thus
engendered is, for a short time, confined to those from whose
ingenuity they derive their origin; but when a sufficient
experience has proved their value, they become generally adopted,
until in their turn they are superseded by other more economical
methods.
Chapter 14
Of Money as a Medium of Exchange
166. In the earlier stages of societies the interchange of
the few commodities required was conducted by barter, but as soon
as their wants became more varied and extensive, the necessity of
having some common measure of the value of all commodities--
itself capable of subdivision--became apparent: thus money was
introduced.
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