---
entity_slug: nominal_price_of_commodities
evaluator: null
evaluated_at: '2026-02-23T06:02:18.961745'
overall_score: 4.0
scores:
- name: definition_precision
  value: 4.0
  max_value: 5.0
  rationale: The definition clearly distinguishes nominal price from real price, specifying
    it as monetary expression rather than labor-based measurement. It's precise and
    non-circular, though could benefit from slightly more detail about what constitutes
    "monetary terms."
- name: source_grounding
  value: 5.0
  max_value: 5.0
  rationale: This concept is directly grounded in Smith's Chapter 5 discussion of
    real vs. nominal price, where he explicitly contrasts money prices with labor-based
    value measures. The entity accurately reflects Smith's actual theoretical framework
    without introducing foreign concepts.
- name: domain_placement
  value: 5.0
  max_value: 5.0
  rationale: '"Exchange" is the correct domain placement since nominal pricing is
    fundamentally about how commodities are valued and traded in market transactions.
    This concept sits at the heart of exchange mechanisms and price formation.'
- name: vsm_relevance
  value: 2.0
  max_value: 5.0
  rationale: This entity is largely VSM-neutral as it describes a measurement convention
    rather than an operational or regulatory mechanism. While it might tangentially
    relate to S1 operations where actual pricing occurs, it doesn't naturally map
    to any specific VSM system function.
- name: explanatory_value
  value: 4.0
  max_value: 5.0
  rationale: The entity provides significant explanatory value by illuminating the
    distinction between surface market phenomena (money prices) and underlying value
    structures (labor content). This distinction is crucial for understanding Smith's
    value theory and how markets function versus how they appear to participants.
---

# Evaluation: Nominal Price Of Commodities

## definition_precision — 4.0 / 5.0

The definition clearly distinguishes nominal price from real price, specifying it as monetary expression rather than labor-based measurement. It's precise and non-circular, though could benefit from slightly more detail about what constitutes "monetary terms."

## source_grounding — 5.0 / 5.0

This concept is directly grounded in Smith's Chapter 5 discussion of real vs. nominal price, where he explicitly contrasts money prices with labor-based value measures. The entity accurately reflects Smith's actual theoretical framework without introducing foreign concepts.

## domain_placement — 5.0 / 5.0

"Exchange" is the correct domain placement since nominal pricing is fundamentally about how commodities are valued and traded in market transactions. This concept sits at the heart of exchange mechanisms and price formation.

## vsm_relevance — 2.0 / 5.0

This entity is largely VSM-neutral as it describes a measurement convention rather than an operational or regulatory mechanism. While it might tangentially relate to S1 operations where actual pricing occurs, it doesn't naturally map to any specific VSM system function.

## explanatory_value — 4.0 / 5.0

The entity provides significant explanatory value by illuminating the distinction between surface market phenomena (money prices) and underlying value structures (labor content). This distinction is crucial for understanding Smith's value theory and how markets function versus how they appear to participants.
