Adam Smith：The Wealth of Nations, Book I, Chapter VI, Paragraph 119

In that early and rude state of society which precedes both the accumulation of stock and the appropriation of land, the proportion between the quantities of labour necessary for acquiring different objects, seems to be the only circumstance which can afford any rule for exchanging them for one another. If among a nation of hunters, for example, it usually costs twice the labour to kill a beaver which it does to kill a deer, one beaver should naturally exchange for or be worth two deer. It is natural that what is usually the produce of two days or two hours labour, should be worth double of what is usually the produce of one day’s or one hour’s labour.

Source： https://www.gutenberg.org/ebooks/3300
Locator：Book I, Chapter VI, paragraph 119 · Verified：2026-10-19 · Verification：Exact match

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