The opinions that the price of commodities depends solely on the proportion of supply and demand, or demand to supply, has become almost an axiom in political economy, and has been the source of much error in that science.

Summary

This quote challenges the widely accepted notion in political economy that the price of commodities is determined solely by the balance of supply and demand. It argues that this viewpoint has led to misconceptions and mistakes. By highlighting the potential fallacies associated with a narrow focus on supply and demand, the quote suggests that there may be other factors at play that affect commodity prices and that a more nuanced approach is required to fully understand economic dynamics.

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