847 B
847 B
Public Mourning Effects
Definition
The temporary increase in demand for black cloth and related mourning goods that raises their market price above the natural price, creating higher profits for dealers in these commodities during periods of national bereavement.
Source Chapter
Book I, Chapter 10
Context
Smith uses public mourning as an example of how extraordinary demand can temporarily raise the price of specific commodities above their natural price, affecting the profits of those engaged in producing or selling these goods. This illustrates his broader point about how variations in demand create temporary inequalities in profits across different employments.
Economic Domain
Exchange