Sunday, August 15, 2010

Adam Smith on labor

From "An Inquiry into the Nature and Causes of the Wealth of Nations":

page 254
"Labor, it must always be remembered, and not any particular commodity or set of commodities, is the real measure of the value both of silver and of all other commodities."

page 257
"Labor, it must be remembered, is the ultimate price paid for everything …"

page 259
"Their real price, the quantity of labor which they can purchase or command…"

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