727 B
727 B
Gross Revenue
Definition
The total annual produce of a country's land and labour before deducting the expenses of maintaining both fixed and circulating capital. It represents the entire value of goods and services produced by a society in a given year.
Source Chapter
Book II, Chapter 2
Context
Smith introduces the concept of gross revenue as analogous to gross rent of a private estate, distinguishing it from neat revenue. He uses this distinction to explain how the maintenance of capital reduces the actual wealth available for consumption.
Economic Domain
Distribution