Adam Smith quote about value from The Wealth of Nations - Labour . . . is the real measure of the exchangeable value of all commodities.
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Labour . . . is the real measure of the exchangeable value of all commodities.
 Adam Smith, The Wealth of Nations (1776). copy citation

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Author Adam Smith
Source The Wealth of Nations
Topic value labor exchange
Date 1776
Language English
Reference An Inquiry into the Nature and Causes of the Wealth of Nations
Note
Weblink http://www.gutenberg.org/files/3300/3300-h/3300-h.htm

Context

“The value of any commodity, therefore, to the person who possesses it, and who means not to use or consume it himself, but to exchange it for other commodities, is equal to the quantity of labour which it enables him to purchase or command. Labour therefore, is the real measure of the exchangeable value of all commodities.
The real price of every thing, what every thing really costs to the man who wants to acquire it, is the toil and trouble of acquiring it. What every thing is really worth to the man who has acquired it and who wants to dispose of it, or exchange it for something else, is the toil and trouble which it can save to himself, and which it can impose upon other people.” source

Meaning and analysis

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