 | Michael Mahon - Philosophy - 1992 - 274 pages
...labor in their economic thought, and like them Smith used the concept as a measure of exchange value: "Labour, therefore, is the real measure of the exchangeable value of all commodities." Foucault is quoting Smith's Inquiry into the Nature and Causes of the Wealth of Nations. The passage... | |
 | Lynn McDonald - Philosophy - 1996 - 412 pages
...there is some brief mention of the notion in Hutcheson, but not until Smith was it well developed. "Labour, therefore, is the real measure of the exchangeable value of all commodities. The real price of every thing, what every thing really costs ... is the toil and trouble of acquiring... | |
 | Peter Minowitz - Business & Economics - 1993 - 376 pages
...political dimension of exchange value. The value of a commodity for the person who wishes to exchange it is "the quantity of labour which it enables him to purchase or command" (Ivi). What "command" is to politics, we might venture, "purchase" is to economics; exchange value... | |
 | John Cunningham Wood - Biography & Autobiography - 1993 - 664 pages
...illusive to the understanding. "The value of any commodity to the person who possesses it," writes Smith, "and who means not to use or consume it himself, but...for other commodities, is equal to the quantity of labor which it enables him to purchase or command."1 This statement is simple if "quantity of labor"... | |
 | James Maitland Earl of Lauderdale - Business & Economics - 1996 - 184 pages
...labour which he can command, or which he can afford to purchase.* The value of any commodity, therefore, to the person who possesses it and who means not to...measure of the exchangeable value of all commodities.** * This is not just a commodity which may in the same market purchase a sack of Corn which has cost... | |
 | Friedrich Schleiermacher - Philosophy - 1998 - 1040 pages
...of the Wealth of Nations, S. 44 (Vol I, Book I, Chap. V): „The value of any commodity, therefore, to the person who possesses it, and who means not to use or consume it himself, but to exchance it for other commodities, is equal to the quantity of labor which it enables him to purchase... | |
 | Adam Smith - Business & Economics - 1982 - 582 pages
...welfare. Looking at the problem in this way, Smith went on to argue that: The value of any commodity ... to the person who possesses it, and who means not...measure of the exchangeable value of all commodities. (WN , Iv1; 133.) Smith's meaning becomes clear when he remarks that the value of a stock of goods must... | |
 | Economics - 2000 - 326 pages
...purchase. "The value of any Definition commodity, therefore, to the person who possesses it, of vallie' and who means not to use or consume it himself, but...measure of the exchangeable value of all commodities. '1 The real price of every thing, what every thing Real pri«. really costs to the man who wants to... | |
 | Business & Economics - 2000 - 724 pages
...in exchange of any commodity " is equal to the quantity of labour which it enables him [the owner] to purchase or command. Labour, therefore, is the real measure of the exchangeable value of all commodities."3 Here the idea obviously is that labor is the measure of value : what a thing is worth... | |
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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,... 
