Adam Smith: Labor Wealth

Posted by admin on Saturday, January 9, 2021

Adam Smith Money Quote saying It was work that bought the world, not money or precious metals, but labor that bought the wealth of the world. Adam Smith said:
 

 

“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 wealth of the world was originally purchased” — Adam Smith

 

 

In this quote, Adam Smith is discussing the origins and fundamental role of labor in the creation of wealth. He states that “labor was the first price, the original purchase-money” used to obtain all things of value in the world.

Smith is arguing that throughout history, it was not gold, silver or other currencies that were primarily used to acquire wealth, but rather human labor itself. People exchanged their labor and work as the original “payment” to produce useful goods, services and assets.

In essence, the quote establishes labor as the original and most basic form of payment that drove early economic transactions and allowed for the accumulation of wealth over time. Smith sees labor as the primary commodity exchanged by humans to fulfill their needs and desires, long before money was established. It reflects his view that labor is the ultimate source of all value in an economy.

Birthday: c. 16 June – Death: July 17, 1790

Categories: work Tagged:adam smithgoldlaborpaidpricepurchasepurchasedsilverwealth