markitect-main/examples/infospace-with-history/output/entities/quantity-of-labour.md

Quantity of Labour

Definition

The amount of work required to produce or acquire commodities, which in primitive economic conditions serves as the sole regulator of exchange value between different goods. This represents the direct measure of economic effort.

Source Chapter

Book I, Chapter 6

Context

Discussed as the original basis for exchange in early economic states, where the proportion of labour required to produce different commodities determines their relative value. Smith later shows how this simple relationship becomes complicated by the emergence of profits and rent.

Economic Domain

Production

---