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When the quantity of any commodity which is brought to market

falls short of the effectual demand, all those who are willing to

pay the whole value of the rent, wages, and profit, which must be

paid in order to bring it thither, cannot be supplied with the

quantity which they want. Rather than want it altogether, some of

them will be willing to give more. A competition will immediately

begin among them, and the market price will rise more or less

above the natural price, according as either the greatness of the

deficiency, or the wealth and wanton luxury of the competitors,

happen to animate more or less the eagerness of the competition.

Among competitors of equal wealth and luxury, the same deficiency

will generally occasion a more or less eager competition,

according as the acquisition of the commodity happens to be of

more or less importance to them. Hence the exorbitant price of

the necessaries of life during the blockade of a town, or in a

famine.