843 B
843 B
Annual Plate Addition Estimation
Definition
The calculation of how much new silverware is added to the national stock each year, which Smith argues is relatively small because most new plate is made from old plate that has been melted down. This estimation helps determine the true demand for annual silver imports.
Source Chapter
Book IV, Chapter 6
Context
Smith uses this estimation to argue that the annual demand for silver imports is much smaller than commonly believed. By showing that most new plate comes from recycled old plate, he demonstrates that the primary purpose of silver imports is to facilitate trade rather than to increase domestic plate stocks.
Economic Domain
Exchange