This post was published more than a few years ago (on 2014-06-04) and may contain inaccurate technical information, outmoded thoughts, or cringe takes. Proceed at your own risk.
Posting this here because I keep needing to recreate it whenever I start using a new machine:
- Open Automator.
- Select the Service template.
- Set options at the top to "Service receives selected files or folders in Finder."
- Drag over "Copy to Clipboard."
- Save the service with a name like "Copy Path."
That's it! Now you can right-click on any selection in the Finder (even multiple selections) and select Services > Copy Path and then paste the text anywhere you like.
You can also use the keyboard system preferences to assign a custom hot key such as Option-Command-C to the service, so you can invoke it directly.
To do this: System Preferences > Keyboard > Shortcuts > Services > Files and Folders > Copy Path > Add Shortcut. I usually use ⌥⌘C (but only because ⇧⌘C is default for Go > Computer).
Some details via this post on CNET.