22 lines
616 B
Markdown
22 lines
616 B
Markdown
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<!-- generated: provider=openrouter model=arcee-ai/trinity-large-preview:free date=2026-02-19 source=book-1-chapter-05 -->
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# Real Measure of Value
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## Definition
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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.
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## Source Chapter
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Book I, Chapter 5
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## Context
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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.
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## Economic Domain
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Exchange
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---
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