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Published online by Cambridge University Press: 29 August 2010
(134.) The money price of an article at any given period is usually stated to depend upon the proportion between the supply and the demand. The average price of the same article during a long period, is said to depend, ultimately, on the power of producing and selling it with the ordinary profits of capital. But these principles, although true in their general sense, are yet so often modified by the influence of others, that it becomes necessary to examine a little into the disturbing forces.
(135.) With respect to the first of these propositions, it may be observed that the cost of any article to the purchaser includes, besides supply and demand, another element, which, though often of little importance, is in many cases of great consequence. The cost, to the purchaser, is the price he pays for any article, added to the cost of verifying the fact of its having that degree of goodness for which he contracts. In some cases the goodness of the article is evident on mere inspection: and in those cases there is not much difference of price at different shops.
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