Adam SmithAdam Smith, (1723-1790) Scottish philosopher and economist

Adam Smith Quote

“Labor was the first price, the original purchase - money that was paid for all things.”

Adam SmithAdam Smith
~ Adam Smith

Ratings and Comments

Mike, Norwalk

In the market place (commerce, industry, wholesale, retail, etc.), labor was the first medium of exchange.

Robert Edwards, Somewhere in Europe

America, you MUST get back to a community based economy - start making and producing things locally...

E Archer, NYC

Absolutely. When I work, I get 'credit' for the labor. The credit is either in the form of capital or a token representing the credit. As long as the issuer of the token (i.e. money) can be trusted, buyers and sellers may use the money with security. Today, however, the words credit, trust, money, and security are used to refer to their polar opposites. Credit is debt, the issuance of money in accordance with the value of the products cannot be trusted, money is debt, and securities are speculative derivatives of capital. Pay no attention to the man behind the curtain!

Ronw13, Yachats Or

The oldest form of payment, labor, and the oldest traded commodity, slave labor !
" These are the times that try men's souls ", " Tyranny like hell is not easily conquered " , ' What we obtain to cheap, we esteem to lightly " . Heaven knows how to put a proper price upon its goods, and it would be strange indeed if so Celestial an article as Freedom should not be highly rated."
Thomas Paine


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