Cut furrows round economist's factory, also (4)

I believe the answer is:

mill

'cut furrows round' is the definition.
(as in milling the edges of a coin)

I don't understand how the remainder of the clue works.

(Other definitions for mill that I've seen before include "works on > race" , "Flour factory" , "(Pepper) grinder" , "Grind (flour)" , "English philosopher and economist, d. 1873" .)

I've seen this clue in The Times.

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