Source identified
Read & copy the quotation
“Labour was the first price, the original purchase-money that was paid for all things.”
- Source
- The Wealth of Nations
- Date
- 1776
Meaning of “Labour was the first price, the original purchase-money…”
Smith grounds economic value historically in labor and effort, making work central to his discussion of exchange before money becomes the convenient measure.
Where does it come from?
The Wealth of Nations, Book I, Chapter V; Smith discusses labour as the original price and measure behind exchange.
