744 B
744 B
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