...point of divergence in his famous text: "Labour alone, therefore, never varying in its own value, is alone the ultimate and real standard by which the...at all times and places be estimated and compared." He himself, to be sure, has adverted in passing to the public admiration which makes part of the reward...

...which metaphysical modes of thought obscure economic ideas. What is a varying in its own value, is alone the ultimate and real standard by which the...be estimated and compared. It is their real price ; [glpney is their nominal price only." Money, however, is in men's actual transactions the measure...

...Smith and Ricardo till to-day. "Labor alone," wrote Smith, "never varying in its own value is above the ultimate and real standard by which the value...at all times and places be estimated and compared." But the idea that quantity of labor governs value will not stand examination for a moment. What is...

...großen Nachdruck legte, sich ausdrückte: „labour alone, therefore, never varying in its own value, is alone the ultimate and real Standard by which the...at all times and places be estimated and compared *)." Gegen diesen Ausspruch können aber sofort zwei, wie es mir scheint entscheidende Bedenken ins...

...which metaphysical modes of thought obscure economic ideas. What is a varying in its own value, is alone the ultimate and real standard by which the...at all times and places be estimated and compared. I is their real price ; money is their nominal price only." Money, however, is in men's actual transactions...

...and places may be said to be of equal value to the laborer. Labor, never varying in its own value, is alone the ultimate and real standard by -which the...at all times and places be estimated and compared. The proportion between the quantities of labor necessary for acquiring different objects seems to be...

...in return for it. ... Labor alone, therefore, never varying in its own value, is alone the utilmate and real standard by which the value of all commodities...at all times and places be estimated and compared." "Labor, therefore, it appears, evidently is the only universal, as well as the only accurate measure...

...had easily, or with very little labour. Labour alone, therefore, never varying in its own value, is alone the ultimate and real standard by which the...is their real price; money is their nominal price only.79 This defines a measure of value, but it is not a theory of value. No substantive proposition...

...measured by something more remote, cannot be the final measure or standard. It cannot 1 ' therefore be 'alone the ultimate and real standard by which the...times and places, be estimated and compared: it is not their real price.' I must therefore conclude, in a proposition which I quote from yourself, where...

...for the landowner on whose land the product had been made. Of these elements, Smith said, labor was the ultimate and real standard by which the value of all commodities can at all times be measured and compared. David Ricardo developed this theme by arguing that rent was not a real factor....