John Kells Ingram, 1911 Encyclopædia Britannica (1911)
“ What, he asks, is the measure of value? what regulates the amount of one thing which will be given for another? “Labour,” Smith answers, “is the real measure of the exchangeable value of all commodities.” “Equal quantities of labour at all times and places, are of equal value to the labourer.” “Labour alone, therefore, never varying in its own value, is alone the ultimate and real standard by which the value of all commodities can at all times and places be estimated and compared. It is their real price; money is their nominal price only.” ”
