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# Waggon-Way Through the Air Metaphor

## Definition

Smith's analogy comparing paper money to an aerial waggon-way that converts highways (gold and silver) into productive land. This illustrates how paper money can reduce the capital tied up in circulation and make it available for productive use.

## Source Chapter

Book II, Chapter 2

## Context

Smith uses this vivid metaphor to explain how paper money can reduce the capital needed for circulation, freeing up resources for productive investment. The metaphor illustrates the efficiency gains from substituting paper for metal money.

## Economic Domain

General Theory

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