What is Labor? “Adam Smith’s Idea”

Labor alone, therefore, never varying in its own value, is alone the ultimate and real standard by which the value of all commodities can at all times and places be estimated and compared. It is their real price; money is their nominal price only.

Adam Smith coined “Labor is the real standard for all commodities at all times and places to be estimated and compared”

It proves the vision of Smith’s incredible analysis on labor theory of value relevant to this day

Labor is sold like any object or any other thing where price of labor conflict with natural and market prices.

The laborer is rich or poor, is well or ill rewarded in proportion to the real, not to the nominal price

The real price of labor is in the quantity of the necessaries and conveniences of life which are given for it; it’s nominal price, in the quantity of Money

Labor therefore, is the only universal standard and accurate measure of everything in value at all times and places

By the quantities of labor we can, speculate and estimate from century to century and from year to year

The use of real and nominal price of labor varies; It is of none in buying and selling, the more common and ordinary transactions of human life.

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