Adam Smith：The Wealth of Nations, Book IV, Chapter V, Paragraph 1167

In years of plenty, it has already been observed, the bounty, by occasioning an extraordinary exportation, necessarily keeps up the price of corn in the home market above what it would naturally fall to. To do so was the avowed purpose of the institution. In years of scarcity, though the bounty is frequently suspended, yet the great exportation which it occasions in years of plenty, must frequently hinder, more or less, the plenty of one year from relieving the scarcity of another. Both in years of plenty and in years of scarcity, therefore, the bounty necessarily tends to raise the money price of corn somewhat higher than it otherwise would be in the home market.

Source： https://www.gutenberg.org/ebooks/3300
Locator：Book IV, Chapter V, paragraph 1167 · Verified：2026-10-19 · Verification：Exact match

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