Quote by Adam Smith
Labor was the first price, the original purchase - money that was paid for all things.
Summary
This quote, attributed to philosopher and economist Adam Smith, implies that labor is the fundamental factor behind the production of goods and services. In this context, "the first price" refers to the initial cost needed to acquire any resource, suggesting that labor is the original form of payment in economic transactions. It highlights the essential role played by human effort in creating value and acquiring other factors of production, emphasizing the significance of labor's contribution in economic exchanges.
Topics
Money
By Adam Smith
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