This chapter was so far the most complex one. Thank you for simplifying it. I overemphasized on Smith's argument for corn as a measure of value, and overlooked the main point- that is- the comparative fluctuation for all sorts of commodities.

THANK YOU! Out of all the chapters of Book 1, chapter 5 was really the only one I could not comprehend

Extremely clear and simplified! Is helping me a lot

Sir please give English subtitles on the video

Never thought about the only true value coming from labour, an interesting perspective.

The quote at 1:00: I thought thatw as Marx's idea, I'm surprised Smith saw it that way.

nice.

Please, someone, explain to me the following: Is Adam Smith implying that the real value of labour is the exchange value of labour, while the nominal value of labour is less than the real one due to surplus value?

Please sir 🙏🙏🙏

The true objective measure of value isn't one's labor; rather, it is their entrepreneurial capacity. Efficiencies in labor production is why the GDP per capita vary so widely between countries. Another way to look at it is the diminishing returns to one's labor, in context with leisure tradeoff to work. It isn't just that one's labor is varied in context to every other individual within their society and adjacent ones; their labor is also varied within oneself. Then, when you add in time series... it gets complicated. To summarize, the innovativeness of one's ideas is a measure of value that can be objectively compared to the evolution of ideas over time.