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Author: Adam Smith

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Neither wind nor water mills of any kind were known in England so
early as the beginning of the sixteenth century, nor, so far as I
know, in any other part of Europe north of the Alps. They had
been introduced into Italy some time before.
The consideration of these circumstances may, perhaps, in some
measure, explain to us why the real price both of the coarse and
of the fine manufacture was so much higher in those ancient than
it is in the present times. It cost a greater quantity of labour
to bring the goods to market. When they were brought thither,
therefore, they must have purchased, or exchanged for the price
of, a greater quantity.

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