Adam Smith：The Wealth of Nations, Book I, Chapter V, Paragraph 93

At the same time and place, the real and the nominal price of all commodities are exactly in proportion to one another. The more or less money you get for any commodity, in the London market, for example, the more or less labour it will at that time and place enable you to purchase or command. At the same time and place, therefore, money is the exact measure of the real exchangeable value of all commodities. It is so, however, at the same time and place only.

Source： https://www.gutenberg.org/ebooks/3300
Locator：Book I, Chapter V, paragraph 93 · Verified：2026-10-19 · Verification：Exact match

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