Book I, Chapter IV
The water-diamond paradox: water has great use-value but little exchange-value; diamonds the reverse.
Read in Books4Free →Value, Labour, and Price
From The Wealth of Nations by Adam Smith
Smith distinguishes value in use from value in exchange (the diamond-water paradox) and argues labour is the real measure of exchangeable value, while distinguishing natural from market prices.
Book I, Chapter V
Labour... is the real measure of the exchangeable value of all commodities.Read in Books4Free →
Book I, Chapter VII
Distinction between the natural price (gravitational center) and the market price, which fluctuates around it.
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