629 B
629 B
Annual Consumption of Metals
Definition
The total amount of gold and silver used up each year through wear, damage, industrial processes, and other forms of consumption that remove these metals from circulation or usable form.
Source Chapter
Book I, Chapter 11
Context
Smith examines how the annual consumption of precious metals must be balanced by new production to maintain stable supplies, and how this consumption affects their long-term value.
Economic Domain
Consumption