 | Werner Stark - Business & Economics - 1998 - 96 pages
...acquire ; and that cheap which is to be had easily, or with very little labour. Labour, therefore ... is alone the ultimate and real standard by which the...at all times and places be estimated and compared" (35). Objective cost and subjective disutility of labour are harmoniously combined in this conception.... | |
 | Samuel Fleischacker - Philosophy - 1999 - 351 pages
...(IV.il). 18. He insists, for instance, that "Labour alone, . . . never varying in its own value, is alone the ultimate and real standard by which the...their real price; money is their nominal price only" (Iv7). On the other hand, this passage is embedded in a series of acknowledgments that labor's value... | |
 | Walter A. Weisskopf - Medical - 1955 - 276 pages
...the labour which purchases them. . . . 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.2 Labour thus becomes the foundation on which value ultimately rests. It does not change with... | |
 | Mervyn Nicholson - Literary Criticism - 1999 - 284 pages
...all commodities," as Adam Smith puts it: "Labour alone, therefore, never varying in its own value, is alone the ultimate and real standard by which the...times and places be estimated and compared. It is the real price; money is their nominal price only."56 The labor theory of value coheres in classical... | |
 | Roger Backhouse - Business & Economics - 2000 - 482 pages
...had easily, or with very little labour. Labour a!one, therefore, never varying in its own value, is alone the ultimate and real standard by which the value of all commodities can at all times be estimated and compared. It is their real price : money is their nominal price only. " But thougJi... | |
 | George P. Brockway - Business & Economics - 2001 - 494 pages
...The theme is announced by Adam Smith: "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."5 (The words "real" and "nominal" aren't the same as those of medieval philosophy, but they do... | |
 | John Kadvany - Biography & Autobiography - 2001 - 400 pages
...whose value was constant to its owners: "Labor 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."2 Just how Smith's natural price depends on labor and how it influences "nominal" market prices... | |
 | David Ricardo - Business & Economics - 2002 - 336 pages
...labour which purchases them"; and therefore, "that labour, alone never varying in its own value, is alone the ultimate and real standard by which the...commodities can at all times and places be estimated and compared";but it is correct to say, as Adam Smith had previously said, "that the proportion between... | |
 | James C. W. Ahiakpor - Business & Economics - 2003 - 278 pages
...(Smith WN, 1: 36) Thus Smith concludes that "Labour alone, therefore, never varying in its own value, is alone the ultimate and real standard by which the...their real price; money is their nominal price only" (PK/V, 1: 37; emphasis added).5 Also note that labor is employed in the production of money (gold or... | |
 | David Hawkes - Criticism - 2003 - 228 pages
...and reality as an inevitable consequence of a market economy. 'Labour', he repeatedly stresses, 'is alone the ultimate and real standard by which the...their real price; money is their nominal price only' (36-7). According to this criterion, it would seem that in our society the nominal has replaced the... | |
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Labour alone, therefore, never varying in its own value, is alone the ultimate and real standard by which the value of all commodities can at all times and places be estimated and compared. 
