The value of money is in proportion to the quantity of the necessaries of life which it will purchase.
--
Chapter II, Part II, Article IVAdam Smith
Every man is rich or poor according to the degree in which he can afford to enjoy the necessaries, conveniences, and amusements of human life. But after the division of labour has once thoroughly taken place, it is but a very small part of these with which a man's own labour can supply him. The far greater part of them he must derive from the labour of other people, and he must be rich or poor according to the quantity of that labour which he can command, or which he can afford to purchase. The value of any commodity, therefore, to the person who possesses it, and who means not to use or consume it himself, but to exchange it for other commodities, is equal to the quantity of labour which it enables him to purchase or command. Labour, therefore, is the real measure of the exchangeable value of all commodities.
Adam Smith
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 Smith
Time is money — says the vulgarest saw known to any age or people. Turn it round about, and you get a precious truth —money is time. I think of it on these dark, mist-blinded mornings, as I come down to find a glorious fire crackling and leaping in my study. Suppose I were so poor that I could not afford that heartsome blaze, how different the whole day would be! Have I not lost many and many a day of my life for lack of the material comfort which was necessary to put my mind in tune? Money is time. With money I buy for cheerful use the hours which otherwise would not in any sense be mine; nay, which would make me their miserable bondsman. Money is time, and, heaven be thanked, there needs so little of it for this sort of purchase. He who has overmuch is wont to be as badly off in regard to the true use of money, as he who has not enough. What are we doing all our lives but purchasing, or trying to purchase, time? And most of us, having grasped it with one hand, throw it away with the other.
George Gissing
Mr. Malthus says, " It has been justly observed by Adam Smith that no equal quantity of productive labour employed in manufactures can ever occasion so great a reproduction as in agriculture. " If Adam Smith speaks of value, he is correct; but if he speaks of riches, which is the important point, he is mistaken; for he has himself defined riches to consist of the necessaries, conveniences, and enjoyments of human life. One set of necessaries and conveniences admits of no comparison with another set; value in use cannot be measured by any known standard; it is differently estimated by different persons.
David Ricardo
All is more or less proper to serve as a common measure, in proportion as it is more or less in general use, of a more similar quality, and more easy to be divided into aliquot parts. All is more or less applicable for the purpose of a general pledge of exchange, in proportion as it is less susceptible of decay or alteration in quantity or quality.
Anne Robert Jacques Turgot
Smith, Adam
Smith, Alexander
A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U
V
W
X
Y
Z