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

Measure of Exchangeable Value

Definition

The standard by which the relative worth of different commodities can be compared and evaluated, which Smith argues is labour because it provides a universal and accurate basis for comparison.

Source Chapter

Book I, Chapter 5

Context

Smith develops this concept to explain how different commodities can be compared across time and space, arguing that labour provides the only accurate measure of value.

Economic Domain

Exchange

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