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# Public Fiars

## Definition

Official annual valuations of grain prices conducted by assize courts in Scotland to establish fair prices for various grains and qualities. These valuations provided a standardized basis for converting corn rents to money rents and for other legal and commercial purposes.

## Source Chapter

Book I, Chapter 11

## Context

Smith mentions public fiars as an example of how governments have attempted to regulate grain prices and provide stability in agricultural markets, though he generally favors market-determined prices over official valuations.

## Economic Domain

Regulation

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