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

Real Measure of Value

Definition

The fundamental standard that accurately reflects the true worth of commodities, which Smith identifies as labour because it represents the actual effort required to produce goods.

Source Chapter

Book I, Chapter 5

Context

Smith distinguishes this from nominal measures, arguing that labour provides the only accurate basis for comparing the value of different commodities across different times and places.

Economic Domain

Exchange

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