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infospace: process book-1-chapter-05

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Extract entities, map to VSM, and synthesize analysis.
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Bernd Worsch
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<!-- generated: provider=openrouter model=arcee-ai/trinity-large-preview:free date=2026-02-19 source=book-1-chapter-05 -->
# Exchangeable Value
## Definition
The worth of a commodity in terms of what it can be exchanged for in the market, determined by the quantity of labour it can command or purchase rather than by its utility or nominal price.
## Source Chapter
Book I, Chapter 5
## Context
Smith establishes this as the fundamental concept underlying his theory of value, arguing that labour is the real measure of exchangeable value while money is merely a nominal measure.
## Economic Domain
Exchange
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