Adam Smith：The Wealth of Nations, Book I, Chapter XI, Paragraph 590

This rise, too, in the nominal or money price of all those different sorts of rude produce, has been the effect, not of any degradation in the value of silver, but of a rise in their real price. They have become worth, not only a greater quantity of silver, but a greater quantity of labour and subsistence than before. As it costs a greater quantity of labour and subsistence to bring them to market, so, when they are brought thither they represent, or are equivalent to a greater quantity.

Source： https://www.gutenberg.org/ebooks/3300
Locator：Book I, Chapter XI, paragraph 590 · Verified：2026-10-19 · Verification：Exact match

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