...the exchangeable value of all commodities," and that "the real price of everything, what everything really costs to the man who wants to acquire it, is the toil and trouble of acquiring it." On the other hand, Smith's exchange orientation takes him over, and he gets wrapped up in treating...

...Speaking of labour as being the true measure of value, he observes — "The real price of everything, what every thing really costs to the man who wants...acquire it, is the toil and trouble of acquiring it." — Wealth of Nations, Bk I., Ch. V. Further on, speaking of the labourer, he observes — "In his...

...the true theory of value. When, for example, he says: "The real price of everything, what everything really costs to the man who wants to acquire it, is the toil and trouble of acquiring it. What everything is really worth to the man who has acquired it, and who wants to dispose of it, is the toil...

...proceeds from an undue extension of the remark made by Adam Smith, "that the real price of every thing, what every thing really costs to the man who wants to acquire it, is the toil and and trouble of acquiring it:" and that "in the early and rude state of society, which precedes both...

...of Value The empirical status of "real price" is harder to see. "The real price of everything," says Smith, "what every thing really costs to the man who...acquire it, is the toil and trouble of acquiring it" (WN 47). "Real price," in short, is labor price, an amount of labor that is somehow equivalent to each...

...the lowliest workers to cover all their needs. What determines value The real price of every thing, what every thing really costs to the man who wants...acquire it, is the toil and trouble of acquiring it. According to Smith, it is the amount of labor that has gone into something's creation, saving the buyer...

...true theory of value. When, for example, he says : " The real price of everything, what everything really costs to the man who wants to acquire it, is the toil and trouble of acquiring it. What everything is really worth to the man who has acquired it, and who wants to dispose of it, is the toil...

...sense exposes an essential aspect of his theory of value: The real price of everything, what everything really costs to the man "who •wants to acquire it, is the toil and trouble of acquiring it. What everything is really "worth to the man "who has acquired it, and who "wants to dispose of it or exchange...

...the toil of our own body."23 He went on to explain, "The real price of everything, what everything really costs to the man who wants to acquire it, is the toil and trouble of acquiring it. What everything is really worth to the man who has acquired it, and who wants to dispose of it or exchange...

...This is more than an optimistic hope. It has been done. The real price of everything, what everything really costs to the man who wants to acquire it, is the toil and trouble of acquiring it. Adam Smith (1723-90) Scottish economist, The Wealth of Nations (1776) Overview of Planguage Methods...