Labour was the first price, the original purchase-money that was paid for all things. It was not by gold or by silver, but by labour, that all the wealth of the world was originally purchased; and its value, to those who possess it, and who want to exchange it for some new productions, is precisely equal to the quantity of labour which it can enable them to purchase or command.
Adam SmithRelated topics
command equal gold pay silver value wealth things labourRelated quotes
It is to labour... and to labour only, that man owes every thing possessed of exchangeable value. Labour is the talisman that has raised him from the condition of the savage - that has changed the desert and the forest into cultivated fields... Labour tho that has covered the earth with cities and the ocean with ships - of wealth that has given us plenty, comfort, and elegance, instead of want, misery, and barbarism.
John Ramsay McCulloch
A currency serves three functions: providing a means of payment, a unit of account and a store of value. Gold may be a store of value for wealth, but it is not a means of payment. You cannot pay for your groceries with it. Nor is it a unit of account. Prices of goods and services, and of financial assets, are not denominated in gold terms.
Nouriel Roubini
The end is easily foretold,
When every blessed thing you hold
Is made of silver, or of gold,
You long for simple pewter.
When you have nothing else to wear
But cloth of gold and satins rare,
For cloth of gold you cease to care-
Up goes the price of shoddy.
In short, whoever you may be,
To this conclusion you'll agree,
When everyone is somebodee,
Then no one's anybody!
W. S. Gilbert
In figure 3 we show the money and domestic asset market equilibrium schedules for given stocks of each of the assets. Along MM the domestic money market is in equilibrium. Higher interest rates reduce money demand so that equilibrium requires a depreciation and thus a rise in the domestic currency value of foreign assets and - hence wealth. The exchange rate thus plays a balancing role by affecting the valuation of assets.
Rudiger Dornbusch
By Christ's purchasing redemption, two things are intended, His satisfaction, and His merit. All is done by the price that Christ lays down, which does two things: it pays our debt, and so it satisfies; by its intrinsic value, and by the agreement between the Father and the Son it procures our title, and so it merits. The satisfaction of Christ is to free us from misery, and the merit of Christ is to purchase happiness for us.
Jonathan Edwards (theologian)