Commodity-pricing data from The Economist show a dramatic long-run decline in 25 important real commodity prices from 1850 to 2019. This decline primarily occurred because the

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The primary reason for the long-run decline in real commodity prices is that the supply of commodities grew faster than demand. Technological advancements and improvements in production methods have significantly increased the efficiency and volume of commodity production, leading to a surplus in supply relative to demand, which in turn drives prices down.

Commodity-Pricing Data from the Economist Show a Dramatic Long-Run Decline