markitect-main/examples/infospace-with-history/output/entities/nominal-measure-of-value.md

Nominal Measure of Value

Definition

The conventional standard used to express the price of commodities, typically money, which provides a convenient but less accurate representation of true value compared to labour as the real measure.

Source Chapter

Book I, Chapter 5

Context

Smith explains that while money serves as the common nominal measure, it is less accurate than labour because the value of money itself fluctuates with changes in the value of gold and silver.

Economic Domain

Exchange

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